Oil production in the Arctic is fraught with high risks connected with potential technogenic disasters, primarily oil spills. The analysis of major oil spills in Polar regions, both in Russia and globally, shows that the human factor is one of the key reasons for such disasters. In most cases oilmen and seamen simply do not have sufficient “Arctic” competencies. Therefore, Russian oil companies that operate in the High North, both onshore and offshore, i.e. Rosneft, Gazpromneft and LUKOIL, make a special focus on risk management and prevention of technogenic disasters that could result in oil spills. They are driven by their concern about their international image and are influenced by the state authorities, shareholders, investors, environmentalists, the general public and financial institutions. Of special practical interest are the policies of Gazpromneft of ensuring environmental safety of Prirazlomnaya platform and Arctic Gates terminal, and LUKOIL towards its Varandei terminal.