The article describes the impact of the Russian Arctic policy activation on the development of the Arkhangelsk region. In 2013, the formation of the Arctic zone of the Russian Federation (AZRF) as an object of state administration was launched. The Arkhangelsk region was partly included in the Russian Arctic. Now, we observe the establishment of the regulatory field and the organizational framework of the macroregion. The article analyzes the current stage of this process in the Russian Arctic. The author highlights the main opportunities and risks for the region associated with the activation of the Arctic policy of the country. The most serious opportunities are emerging in politics (the Arctic status, external relations and external image) and economy (infrastructure, investments, new enterprises and organizations, and tourism). These areas are experiencing some changes. The changes in the social space are hardly noticeable but, in this area, cardinal changes are possible. They are associated with the renewal of the regional image, strengthening the regional identity, changes in the social composition of the population and the potential of municipalities. At the same time, risks associated with incomplete entry of the Arkhangelsk region into the Russian Arctic, the implementation of major investment projects and inefficient management.