The importance of Russia's participation in the 1982 UN Convention on the Law of the Sea (UNCLOS) is not to be called into question. However, the regime established by the UNCLOS is not static. It is subject to changes, as competition for the exploitation of spaces and resources of the World Ocean intensifies. Also, the UNCLOS is just one of the sources for international Law of the Sea, along with other legal sources, such as customary law, decisions of international courts, and the law doctrine. Non-participation of a number of states, especially the United States, in the UNCLOS places participating countries in a less advantageous position. This is especially true for the Arctic legal regime and for the problem of development of the World Ocean’s deep-sea resources in areas beyond of national jurisdiction. In this regard, the Russian Federation has to review the strengths and weaknesses of this international agreement once again and to develop legitimate responses to new risks and threats to its national security.