According to reports, the crater is said to be 80 m wide and it is so deep that it has not yet been measured.
The place where it has been spotted is known as Yamal means the "end of the world" and the remote peninsula reaches into the Arctic Ocean.
TOI reported that the crater has been located less than 20 miles from the biggest gas field, Bovanenkovo.
The Siberian Times reported that the hole might have been dramatically created as a result of a meteorite striking earth, an underground explosion or a sinkhole caused by collapsing rock.
Surprisingly, the crater that has made headlines now, has been into existence from last two years.
Now, a team of researchers have been sent to take the samples and study, that what caused the crater to appear.