The Russia-Ukraine conflict that broke out in 2022 results from the intensification of the long-term contradiction between Russia and the U.S.-led North Atlantic Treaty Organization (NATO), which causes continuous impacts on the great power relations and the international political landscape. Shipping along the Northern Sea Route situated within the jurisdiction of Exclusive Economic Zones (EEZ) of the Russian Arctic waters constitutes the majority of the current Arctic shipping activities, and is severely impacted by the current situation in Ukraine as well. The influence of the current international situation on the economic prospects of the Arctic passage has been evaluated on the basis of the summarization of the impacts of the geopolitical incidents on the Arctic shipping. It is also proposed that China should scientifically and objectively assess the risks and challenges of the current Arctic shipping development with full consideration of various factors such as the Western sanctions against Russia, the epidemic situation and the global economic fluctuations, from the viewpoint of energy security, economic security and transportation security.