The 12th Arctic Council Ministerial Meeting will be held on 20th May 2021 in Reykjavik, Iceland, as well as online, and marks the end of the Icelandic Chairmanship and beginning of the Russian Chairmanship. It will also be the very first meeting between Russian Foreign Minister Sergey Lavrov and his American counterpart Antony Blinken.

Military leaders from eleven nations discussed current and emerging High North security issues during the annual Arctic Security Forces Roundtable. The participantes discussed, among others, the roles of the Arctic Council, the European Union and NATO.

In relation to the revised national budget 2021, the Norwegian government proposes that the new North Norwegian investment fund should initially amount to NOK 400 million, out of which the state is ready to provide half the amount.