Due to changing ice conditions, Russian Arctic waters and the Northern Sea Route have gained greater relevancy for commercial shipping. At the same time, Chinese cruise and outbound tourism are on the rise. This chapter focuses on analysing the current state of cruise tourism in the Russian Arctic as well as discussing whether it can meet Chinese cruisers’ needs. By combining traffic statistics and information from tour operators’ websites, we conclude that the Arctic cruise industry in Russia is currently a niche for the global cruise tourism industry. While current offerings are unlikely to please the majority of Chinese cruisers, they would suit more wealthy and adventurous ones. In a post-COVID era, peripheral and small-scale cruises also have potential. With planned investments and upgrades of the fleet, the market and clientele may grow and diversify substantially—thus endangering sustainable development in the region.