Recent developments in international economic relations have encouraged Russian Federation to reconsider its role both in the neighboring regions and on the global arena. In particular, the Ukrainian crisis and Western economic sanctions against Russia apparently demonstrate the conflict of interests between powers in the multipolar order. Under these circumstances, the Russian Federation strengthens its efforts aimed at diversification of foreign policy, including economic and political cooperation with Asian states. The paper investigates the changes in the Russian perception of global governance and their impact on trade flows from a historical perspective. The authors analyze the reasons underlying Russia's "Pivot to Asia" policy, assesses its implications for Russian trade policy, as well as highlights the ongoing debate on the expediency of Russia's further rapprochement with Asian countries in general, China in particular.