This chapter provides an overview of Russia’s economic performance over the decade preceding the global financial and economic crisis. The severe, though brief downturn of the Russian economy is discussed with a view to drawing some lessons for the future. It highlights some salient features of the country’s economy, including its openness to international trade and foreign direct investment (FDI), the structure of production and trade, and patterns of change. It looks at major aspects of the framework conditions for innovation, the improvement of which is a key means of boosting Russia’s overall innovation performance. Next, it looks at the relationship between innovation and growth, both globally and in Russia, and explores the particular reasons why innovation policy should be a particular priority for Russia at present. Finally, it provides an overview of Russia’s innovation performance and offers some conclusions.