First, the current situation of the economic relations between Finland and Russia is described. Then the effects of future changes in Russia and its consequences for foreign relations are analysed. Key institutional changes under consideration are the enlargement of the EU, Russias likely membership in the WTO, the future economic agreements between the EU and Russia, and globalisation at the firm level. Prospects of economic relations up to 2010 are analysed extensively. The following themes are under consideration : Russias economic development, the potential of foreign trade between Finland and Russia, and the prospects of imports, exports and direct investment. Finally, the effects of the changes on Finnish firms are evaluated, as well as the risks related to economic developments in Russia.