The consequences of the global financial crisis, economic recession and political uncertainty in Greece have made major adjustments in the structure and dynamics of the Russian-Greek trade and economic ties. Due to these trends, the military-technical cooperation was suspended and FDI inflows slowed down. At the same time, the trade recovered significantly (especially Greek exports to Russia), and Greece has become a key destination for Russian tourists. The article provides a detailed analysis of these changes and gives special attention to the current issues and prospects for economic cooperation, especially in trade and investment, in the context of deterioration of Russia’s relations with the European Union.