After neglecting Latin America for over a decade, Russia has recently displayed pronounced interest in expanding its presence in the region. This article aims to examine Russia’s contemporary foreign policy towards Latin America and to define whether Moscow’s new strategy is a continuation of the former Soviet presence in the region or whether Russia has introduced some new elements. After identifying the motives behind Moscow’s renewed interest, the authors analyse the issue with a focus on diplomatic, economic and military activities. The article concludes that despite the tangible progress, there are still many limitations, including conceptual ones. Moreover, Moscow faces keen political and economic competition in the region, from actors old – such as the United States – and new – such as China.