Yes, Russia has oil reserves in the Arctic, including large deposits offshore. Russia surrounds an immense amount of the north pole, nearly half, and is hopeful that they can tap into new reserves. Unfortunately, the delicate ecosystem of the Arctic is already in danger due to global warming, and drilling will only increase added dangers such as oil spills.
If you mean by “Arctic,” north of the Arctic Circle, yes, Russia has some oil fields north of the Arctic Circle in the Timan-Pechora and West Siberian Basins (and a great many more somewhat south of the circle). However, it has far more reserves of natural gas north of the circle in the West Siberian basin, as well as natural gas discoveries offshore in the Kara and Barents seas. Taken together, the West Siberian natural gas fields comprise probably the largest natural gas reserve on earth.
In addition to the oil fields mentioned above, Russia also has a potentially significant amount of undersea oil reserves above the Arctic Circle. These reserves could contain around 45 billion barrels of oil (assuming the medium green areas on the map below contain 5 billion barrels each). However, the amount of oil discovered in the Arctic would not help world oil consumption much, as 30 billion barrels of oil are consumed each year. And only around 25%-35% of the oil discovered there can be extracted with modern technologies…
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