Tero Vauraste, vice-president of the Arctic Economic Council, suggested developing a code of ethics for those doing business in the Arctic region. The St. Petersburg State University press service reports that he voiced the idea at the final panel discussion of the UArctic Congress.

During his report, "Arctic trade, vulnerable societies and environment — complex interplay of varied interests," Tero Vauraste said that it makes sense to establish a code of business ethics for those working in the Arctic, and to ensure they comply with it by introducing national laws, among other means.

Sergei Aplonov, the university's vice-rector for research, underscored the need to use research results while conducting any activity in the Arctic. "Interdisciplinary studies should be conducted in this region, because Arctic ecosystems are extremely vulnerable and one should not engage in geological prospecting and oil extraction without considering their impact on the environment. I would like to emphasize that successful work in the Arctic region is only possible when science, the authorities and businesses join efforts," Aplonov said.

During the closing of the congress, experts discussed various issues related to the Arctic region's future, including indigenous peoples, infrastructure development, business and economics. When summarizing the results of the first congress, representatives from the University of the Arctic praised the event and said that the next UArctic Congress would be held in Finland.

The first congress held by the University of the Arctic international association took place at St. Petersburg State University on September 12-16, 2016. The five-day program included a series of scientific events dedicated to a wide range of Arctic issues. The program also featured the University of the Arctic's forums for rectors and students, as well as a presentation of a unique encyclopedia of geo-marine studies.