The article highlights the security problem of the Korean Peninsula and the related Russia’s policy, as well as identifying the major differences between the Korean policy of the USSR and Russia. The analysis is focused on the main factors that can affect Russia’s position with regard to the Korean unification at the moment — such as the “Ukrainian crisis,” “sanction regime,” “Russia’s turn to the East” and realization of the Silk Road Economic Belt planned by China. Another part of the analysis is focused on such subjects as: possibilities to realize multilateral projects by Russia, South Korea, North Korea, and China; prospects for unification of Korea as well as the opportunities that Russia could gain therefrom. Besides, the article offers recommendations for the more active cooperation between Russia and South Korea. In general, activation of Russia’s policy vis-à-vis North Korea is mostly of demonstrative nature. It shows intents, first, to demonstrate to the EU and U.S. that the policy designed to isolate Russia is insolvent, and second, to find a counterweight to balance the growing dependence on China. The announced economic projects most probably would not be realized or, if otherwise, will be done on the minimal, “advertising” scale.