The Buchta Nakhodka settlement is the only archaeological site in the northern part of Western Siberia that has been fully excavated. This well-preserved settlement on Russia’s Yamal Peninsula around 67° N and 72° E, however, has not yet been calendar dated, and the cultural identity of its inhabitants still remains unknown. Here we apply, for the first time, dendrochronological techniques to absolutely date 13 of the most important archaeological timbers from the Buchta Nakhodka settlement. Statistical robust cross-dating results place the construction into the second quarter of the 13th century. The Buchta Nakhodka settlement reveals no obvious connection with the modern, nomadic population of Yamal, the Nenets. Together with a careful literature review, this study indicates that the closest construction techniques and subsequent settlement forms can be found on Iceland and across northern Fennoscandia, where Sami people are building their houses in a similar way. Our combined archaeological, dendrochronological, ethnographical and (archaeo)zoological evidence suggests that the ancient inhabitants of Buchta Nakhodka were closely related to the Sihirtya people that were often mentioned in ancient Nenets folklore as legendary people who inhabited the Yamal Peninsula previously. In providing unique insights into the medieval settlement history of the northern part of Western Siberia, we hope to encourage further interdisciplinary research projects to be launched at Eurasia’s high-northern latitudes.