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How can the interests of extractive industries and indigenous communities in the Arctic be balanced through benefit sharing policies? This paper analyses how the international oil consortia of Sakhalin Energy and Exxon Neftegaz Limited (ENL) on Sakhalin Island in Russia have introduced benefit sharing through tripartite partnerships. We demonstrate that the procedural and distributional equity of benefit sharing depend on corporate policies, global standards, pressure from international financial institutions, and local social movements connected in a governance generating network. Sakhalin Energy was profoundly influenced by international financial institutions’ global rules related to environmental and indigenous people’s interests. The benefit sharing arrangement that evolved under these influences resulted in enhanced procedural equity for indigenous people, but has not prevented conflict with and within …