Italy is one of the main technology exporters (third in the world, after Germany and Japan). Russia is among the leading importers of Italian machine tools. The Russian market is considered strategic because the country needs to upgrade its machine park. Russia also remains one of the main directions of direct activity of Italian companies, despite the current restrictions. One form of  cooperation  is «Made  with  Italy» as  a  mean  of  circumventing  trade  sanctions.  Current  and planned  projects  cover  various  areas – energy,  agriculture,  construction,  production  of  equipment, joint  development  of  innovative  technologies.  The  article  is  written  on  the  basis  of  monitoring  of the Italian and Russian business press.