The number of Russian companies entering international markets has increased dramatically in the last 10 years. The development of innovative industries has intensified as well. Do innovations play significant role in internationalisation? Do innovators internationalize more actively? Does operating on international markets make companies more innovative? This paper studies innovations and internationalisation of companies in Russia, based on the survey of R & D-oriented companies located in the two most developed areas of Russia (St. Petersburg and Moscow). The study aims to identify the clusters of companies according to their exports and R & D expenditures, and fulfil in-depth analysis of innovationsrelated determinants that could explain the structure of the clusters. The main results of the study show the significant impact of innovation activities, competition and new product development on export intensity.