The article is devoted to the examination of Russian-Belarusian trade and investment relations under sanctions. The author analyzes transformations of mutual trade: the role of Belarus and Russia in each other’s trade, changes in the sectoral structure and volumes of Russian-Belarusian trade. Reasons of negative trends in recent years are examined. Special attention is paid to mutual foreign direct investments of two countries and roles in the investment sphere of each other. In particular, investment activities of Russian companies operating in Belarus during imposed sanctions are described in the article as well as its competitive position in relation to European and Asian investors.