The Commons Defence Committee said Russian submarine activity in the North Atlantic is now back to the same levels as the Cold War era, and MPs highlighted a "shockingly low availability" of submarines alongside a temporary loss of ability to operate beneath Arctic ice.
"Russia can then use the ice to conceal and protect its own submarines while threatening Nato sea lanes, UK critical infrastructure and the UK's nuclear deterrent," the report said.
Committee chair Tan Dhesi said the Arctic was "a demanding, hostile environment, and one that our greatest adversary, Russia, is seeking to dominate for military advantage." The work to address the gaps "cannot start soon enough," he added.
The Ministry of Defence said it was "clear-eyed about the threat Russia posed" and was investing heavily to protect Britain's undersea cables. An MoD spokesperson said the UK-led Joint Expeditionary Force (Jef), a coalition of northern European nations, was already "strengthening Nato's northern flank and increasing our ability to respond rapidly to emerging threats."
The report said that, given uncertainty over US support for Nato, the UK should consider whether the Jef should focus more on the High North.
Shadow minister for war readiness Stuart Anderson said: "If Nato could be at war with Russia as soon as 2030, as the former prime minister warned, that means time is just as important as money. To deter war we must be ready for it, that means spending money now, not kicking the can down the road until it's too late."