This article is devoted to identification of the current role of China in the Arctic and the potential prospect of cooperation between China and Russia in the Arctic region. In recent years, China has been following its goal of increasing its presence in the Arctic by being engaged in active cooperation with various Arctic states, which also includes common projects with Russia in a wide range of areas. The main purpose of this article is to identify China’s Arctic Strategy—its priorities, goals and mechanisms; current trends in Sino–Russian relations taking into account political turbulence which started two years ago; prospects for the development of Sino–Russian cooperation in the field of sustainable development in the Arctic—as well as to clarify how these two strong international actors could collaborate together.