The paper deals with the results of the study of large Finnish companies doing business in Russia. The authors analyze main indicators of the top-15 firms operating in different sectors of the Russian economy as well as the most significant factors influencing their performance. The purpose is to define strategic decisions made by the companies in recent years and to discuss their possible prospects. The findings show the utmost significance for large Finnish companies to adjust to changing economic and political environment. The companies who find the proper balance in combining competitive advantages of local production with their own internal specific resources, promptly responding to the challenges of intra-industry competition are among the leaders. Investments in the expansion of major local activities tend to allow the Finnish firms to satisfy the changing demand of Russian consumers. Case studies scrutinize two successful companies and one that had to leave the market.