This article analyses the results of thirty years of Russia’s policy towards the Korean peninsula, since the establishment of diplomatic relations between Moscow and Seoul in 1990. The dynamics, scale, and nature of the economic interaction between the two countries are assessed against the backdrop of stagnation, in the same period, in trade and economic relations between Russia and the DPRK. The main trends of South Korean private investments in Russia are examined. A lack of progress is observed in the implementation of major projects in transport, gas industry, and electric power industry, which imply trilateral cooperation between Russia, South Korea, and North Korea. Despite political dialogue at a bilateral level between Moscow and Seoul, Moscow and Pyongyang, the instability of inter-Korean relations has become a serious obstacle to the implementation of trilateral projects. The main challenges faced by North and South Korea, their priorities in foreign policy, the possibility of developing inter-Korean relations in these conditions, and the position of Russia and China on a Korean settlement are compared. The possible economic transition of DPRK to a market economy is also analysed as a factor in regional cooperation. The role and position of Russia and China on negotiations of North Korea’s missile and nuclear projects are described as well as the assessment of prospects for strengthening Russian policy on the Korean peninsula in economics, political and security issues. Lastly, the correlation of Russian regional developmental priorities with the position of South Korea on this issue is considered and an outlook on the integration processes in Northeast Asia with the participation of China, Japan, and the ROK, and the possibility of Russia’s cooperation, is provided.