The Arctic is a specific geographical region with extreme climate conditions, vulnerable environment, but rather intensive ongoing industrialization. The Arctic requires alternative solutions to provide energy supply to the energy consumers due to the growing energy demand and small-scale decentralized character of energy supply. At the moment, the largest part of energy consumption in the region is covered by hydrocarbon energy resources delivered from the mainland. Renewable energy technologies may be efficiently implemented to cover the needs of small scale decentralized energy consumers in the Russian Arctic, but at the moment they are applied on a very modest scale. The current study analyses and discusses the main challenges and risks related to renewable energy resources use in the Russian Arctic. Further, the study elaborates on the issues related to the environmental challenges and climate change-related threats, their relationship and influence on the technological choices of the future energy supply in the region, addressing the perspectives of sustainable development of the Russian Arctic.