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The main economic problems of oil fields development in the Arctic zone of the Russian Federation under the conditions of an economic crisis and an adverse foreign policy situation are characterized in this article. The main way to decrease the influence of sanctions in the sphere of oil extraction is a significant decline in the market share of foreign companies using import substitution. It has to be mentioned that localization of equipment production and development of technologies for sea oil production in the Arctic zone of the Russian Federation can become incentive for import substitution, and attracting foreign investments into the Russian oil and gas sector. The most significant examples of creation of new productions in the Arctic zone are given in this article. The particular attention is given to development prospects of seismic works in the Arctic shelf under sanctions and fall in oil prices. The Russian sea geophysical companies are not equipped with modern specialized ships for holding 3D seismic exploration. As a result, the seismic works which are carried out now on the Russian shelf 3D in technological parameters considerably lag behind the world level. However, the ensurance of import substitution in the sphere of geophysical oilfield service is accompanied by a number of serious economic problems. It is concluded that localization of production capacities and service bases near the Arctic shelf will provide multiplicative economic effect, and also will serve as incentive to qualitatively new industrial and infrastructural development of northern territories.
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