The Arctic region is one of the priority areas of strategic cooperation between China and the Russian Federation. The joint development of the Northern Sea Route initiative is an integral part of the two countries' cooperation in the implementation of the One Belt, One Route initiative. The article attempts to analyze the possibilities of China and the Russian Federation in this area. The author comes to the conclusion that this initiative is not only a program of mutually beneficial cooperation, but provides unique opportunities and gives an even greater incentive to the economic and regional development of both countries. Difficulties and challenges arising in the process of joint development of the Northern Sea Route are easily solved due to the advantages of complementarity and mutual consultations. The Northern Sea Route will certainly become a stimulator of further cooperation and development of China and Russia.