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 2021 and expectations for 2022. Top-managers indicate the improvement of business climate in 2021 and express the optimism in relation to the situation in 2022. Most of them define their current business position in Russia as satisfactory or bad. The majority of them do not plan to attract additional labor force and to implement new investment projects in 2022. Respondents highlight three most acute current problems of the Russian market (rouble’s exchange rate, anti-Russian sanctions, bureaucracy), hope for maintaining or increasing the level of German-Russian relations under the new German government. They consider it impossible to put the gas pipeline Nord Stream 2 into operation in principle or without the fulfillment of preconditions, expect Russia’s role as an energy partner of the EU to weaken or stagnate by 2050, indicate the most promising business sectors and regions of the country.