The article deals with the challenges faced by seaports of Finland and the Baltic States, resulting from recent decline in the Russian foreign trade. The authors share the view that the contraction in the Russian foreign trade primarily resulted from the general deterioration of Russia’s economic performance accompanied by a dramatic drop of world oil prices. The economic sanctions imposed on Russia by Western countries as well as a retaliatory Russian ban on imports enhanced the decline. Assuming relatively high significance of the Russian Federation as a trading partner for Finland and the Baltic States, the contraction in Russian foreign trade turnover could be perceived as ‘bad news’ for their seaports. This is largely true both when we analyse the recent development and assess future prospects. At the same time, the authors suggest not to over-exaggerate existing commercial threats and risks. The diversification of production and logistical functions accompanied by a structural reorganisation might help