You could deny the 2 IPP that Russia receives by placing an Axis Submarine on the Arctic Convoy Line. The American player could also deny the Russians the 2 IPP just by stating it verbally. That’s one of the reasons why I always say in my videos that the Russian player needs to be a dick to win but they can’t be too much of a dick. They have to cooperate with the Allies to certain extent without helping them win. It’s a delicate balance between the players that doesn’t exist in A&A.
But no, you can’t actually raid the Arctic Convoy Line.