The present paper analyses the foundations of the Israeli strategy towards the great powers, highlighting its fundamentally consistent character derived from pragmatic considerations and implemented in the form of the multi-vector approach during the Post-Cold War era. Israel was created as an independent state during the Cold War period, which defined the functioning and development of the international system for decades. The Jewish state set out on its journey with the policy of “non-identification”, which was aimed at maintaining a balanced relationship with the two camps. Amid global confrontation, however, this course proved untenable. Following the Cold War, the multi-vector approach emerged as a partial continuation of the initial Israeli strategy, although with certain reservations. Despite steady US support since the late 1960s, Israel sought mutually beneficial relations with various powers, especially the great ones. Yet, the regional and global conditions often significantly constrained Jerusalem’s political flexibility. The dynamics of Russian-Israeli relations exemplify this complexity. On the one hand, they fit into the general logic of the Jewish state’s foreign policy and are inevitably influenced by the global trends. On the other, they certainly have their particular distinguishing features defined by the origins and trajectory of their development and preserve a particular significance for Jerusalem even in the face of new great power rivalry. Consequently, Israel tries to pursue the policy of “walking between the drops”, which naturally has its limitations but nevertheless allows Jerusalem to stick to a relatively flexible course aimed primarily at ensuring its security interests.