During RV Polarstern cruise ARK‐XXIV/3 (2009), a geophysical study along the ultraslow spreading Knipovich Ridge was conducted. The survey, located in the rift valley south of the Logachev Seamount (∼76°36′N), provides a crustal thickness of ∼4.5 km in the amagmatic parts and 5.7 km underneath the seamount itself. The velocity‐depth function indicates the presence of a thick oceanic layer 2 (4.5 km), but no indication for a thick oceanic layer 3. The only exception is the area underneath the Logachev Seamount, where velocities higher than 6 km/s are detected. This indicates a stronger and focussed melt supply underneath the seamount. Local seismicity was analysed for two days. In total, 191 quakes were identified in the vicinity of the rift valley with magnitudes up to ML = 2.6. At least 48 of them are located in the upper mantle (up to 18 km below sea level), supporting models predicting a cold mantle or conductive cooling underneath ultraslow ridges to explain the reduced melt supply.