The former territory purchased from Russia by the United States in 1867 is Alaska. This acquisition, often referred to as "Seward's Folly," named after Secretary of State William H. Seward, was initially criticized but later recognized for its immense value. The purchase added 586,412 square miles of land to the U.S. and provided access to vast natural resources, including gold, oil, and fisheries. Alaska's strategic location and abundant resources have significantly contributed to the United States' economic and geopolitical interests in the Arctic region.