The geopolitical situation and transformation of the international trading system challenge states to adjust their trade policies. The research focuses on the evolution of Russia's trade policy in Latin America and the prospects for the cooperation. The paper reveals four stages of the Russian-Latin American trade development. 1991-1999 are characterized by a decline in cooperation, since Russia had practically not pursued trade policy in the region. The restoration of trade relations was observed in 2000-2008, but there was no clear strategy for their development. 2009-2013 were a transitional period, as trade policy was transformed in Russia and the Latin American countries, but trade relations were built on a bilateral cooperation basis. Since 2014 has been starting the modern stage of Russian-Latin American relations under a significant influence of the geopolitical situation. Currently the Russian Federation should conduct trade policy in regards to certain regional blocs and groups of countries in Latin