The article examines the complex issues of Arctic security arising from changing geopolitical realities; explores the new Cold War atmosphere in the region mixed with melting ice, which affects military planning and opens new economic opportunities and access to natural resources. Particular attention is paid to the reasons for the competition of great powers for primacy in the Arctic. It is noted that in recent years, the region has begun to shift from the principles of international cooperation and has quickly transformed into an arena of great power rivalry. The military presence has increased as well as the competing economic investments and political activity from significant political actors: Russia, China, and the United States of America. Now that all the great powers are investing in the Arctic, the concept of peace and cooperation is giving way to the concept of security and deterrence. To examine these factors, thе article uses a typical neorealist view of international relations, arguing that the driving force behind the rapid growth of the Arctic race is not the region itself, but the transforming structure of the international relations, which tends to effectively reproduce the causes of global competition. It the author’s view, peaceful rivalry in the Arctic may not last long, given the lack of effective institutions to address security issues in the region and the fact that changes in the global balance of power also affect local disputes and grievances.