Abstract. The article presents the results of the survey of the heads of structural divisions of German companies operating in Russia – on the outcome of their activity in 2020 and expectations for 2021. Top-managers indicate the deterioration of business climate in 2020 and express the pessimism in relation to the situation in 2021. Most of them define their current business position in Russia as satisfactory. The majority of them do not plan to attract additional labor force and to implement new investment projects in 2021. Respondents highlight three most acute current problems of the Russian market (ruble’s exchange rate, anti-pandemic measures, low economic activity), point to the deterioration of German-Russian relations in 2020. They consider Nord Stream 2 as an important contribution to ensuring energy supply to Europe and at the same time expect a decrease in the importance of Russia as an energy partner of the EU by 2050, assess the measures of the Russian government to support the economy during the coronacrisis period as insufficient and indicate the most promising business sectors and regions of the country.