Abstract. The article presents the results of the survey of the heads of structural divisions operating in Russia – on the outcome of their activity in 2018 and expectations for 2019. Top managers indicate the deterioration of business climate in 2018 and express the highly cautious
optimism in relation to the situation in 2019. Most often they define their current business position in Russia as satisfactory. The majority of them do not plan to attract additional labor force and implement new investment projects in 2019. Respondents highlight two most acute current problems of the Russian market (fluctuations in the ruble exchange rate and sanctions from the EU and the US), point to the growing importance of the Eurasian Economic Union for their companies, do not expect Russian reforms to accelerate after the presidential election, state the stagnation of German-Russian relations in 2018, and indicate the most promising business sectors and regions of the country.