Abstract: Driven by rising global temperatures and thinning polar ice, the Arctic has become a primary arena for 21st-century Great Power competition. The opening of the Northern Sea Route as a Suez Canal alternative has intensified strategic rivalries. This paper utilizes a Neorealist framework to analyze the region's shifting security architecture, contrasting the Sino-Russian "Polar Silk Road" partnership against a newly expanded NATO northern front. It argues that the absence of a comprehensive Arctic Treaty— combined with UNCLOS’s limitations in resolving overlapping continental shelf claims— creates a legal vacuum that incentivizes militarization. Ultimately, the study concludes that the erosion of "Arctic Exceptionalism," coupled with competition over resources and strategic chokepoints, places the High North at an acute risk of kinetic conflict by 2030 unless a renewed multilateral governance structure is established.