The MIKON flagship program in the Fram Centre is using both social and environmental sciences to examine how High North industrial development will affect the natural world, regional societies like the Sami and economic activity.

On the backdrop of political chill, trade between Finland and Russia is falling sharply. Also tourism between the countries is in a downswing.

Murmansk was seen as an up-and-coming market for banks in Norway. Now they all flee the region with multi-million losses.

Russia in 2014 concluded state orders amounting to 41.5 billion rubles for development of the Murmansk transport hub. This was the fifth largest state order last year.

NextJet’s flight 2N41 landed Monday morning in Tromsø for the first time with the only existing regular cross-border flights across the skies of the Barents Region.

Despite the collapse of the Russian market, exports of Norwegian seafood set new records in 2014. The total value of exports reached NOK 68.8 billion, up NOK 7.3 billion from 2013.

For several years now, the Northern Sea Route (NSR), the shipping lane hugging the north coast of Russia, has been touted as a shortcut between Europe and Asia.

Charter flights to airports in Rovaniemi, Kittilä and Kuusamo brought in more foreign travellers than had been predicted.

The ruble crash is highly favourable for foreigners visiting Murmansk. A room at Park Inn can be booked for as low as €48.

“It is more important for us to sell quality and unique experiences than cheap products for mass tourism,” says Kåre Tannvik, adventure developer with Kirkenes Snowhotel. Weak ruble and krone will not alone boost tourism to Russia and Norway.

Like the Russian ruble, the Norwegian krone is diving with falling oil-prices. Down more than 4 percent on Tuesday to parity with the Swedish krone.

Barents entrepreneurship expert Heidi Andreassen believes trade and investments across the borders in the north are in jeopardy as Russia’s ruble is tumbling again in what seems like a market in panic.

Russia’s central bank announces Tuesday a 6,5 percent rise in interest rates to 17 percent in a move to defend a ruble that Monday lost nearly 10 percent per dollar to 64,4.

This screenshot of flightradar24 taken Sunday morning shows how airplanes from Great Britain are queuing up for landing at Rovaniemi, Ivalo and Kittilä airports. 80 aircrafts brought in 15,000 passengers this weekend.

Northern lights and midnight sun give North Norway two main seasons for tourism. By the end of the year, the region will have had nearly 3.3 million overnight stays.