Small states have always been at risk when great power competition intensifies in a region, those in the Baltic Sea Region (BSR) and the Arctic being no exception. Sweden and Finland are located at a strategic cross-roads between Russia and NATO, which “Northern Flank” once again receives serious attention from defence planners. Russia is pursuing a strategy of military dominance in the BSR and the European Arctic, and its perceived assertiveness is a major concern among its neighbours. China, for its part, pursues a multilateral approach as a “near-Arctic state”, seeking to make the BSR a strategic springboard to the Arctic by invest-ing in joint ventures with small states. The U.S. more competitive stance on China globally, and on China and Russia in the Arctic, has implications for the security dynamics in the BSR. In the resulting Baltic-Arctic Strategic Space, Finland and Sweden opts for navigating jointly.