Greece attaches special importance to the post-cold war developments in the Russian Federation, and especially to the introduction of democratic institutions as well as economic liberalization and stabilization. Greece supports the transition of the Russian centrally-planned economy to a market economy.

Within this context, Greece encourages Russian integration in international and European organizations, thus promoting political stability in Europe as well as the establishment of a common European security system, based on peaceful relations and economic prosperity. Greece, therefore, has been a keen supporter of the Russian candidature for membership of the Council of Europe, recently achieved. Moreover, she encourages closer cooperation between NATO and Russia.

On the European level, the Partnership and Cooperation Agreement between the European Union and the Russian Federation was signed on the island of Corfu in June 1994, during the Greek Presidency. Greece has already ratified this Agreement.

Bilateral Greek - Russian relations are based on the traditional and historical ties of friendship between the peoples of the two countries. The framework of bilateral relations consists of a series of important agreements spreading over various fields of cooperation (economic, industrial, trade, scientific, military, cultural exchanges, etc.). Special mention should be made of the "Treaty on Friendship and Cooperation" (June 1993), the "Protocol on the Legal Framework" between the two countries (December 1995), as well as the "Agreement on the Establishment of Russian General Consulates in Thessaloniki and Greek General Consulates in Saint Petersburg and Novorossisk."

In addition to the above agreements, numerous official visits, at many levels, take place on a bilateral basis.

The large Greek community (mainly in Southern Russia) with a very long historical presence in the region, including the Caucasus, constitutes both an important link and a bridge of friendship between the two countries. During the post-communist era, a large proportion of the Greek community , under the pressure of the economic crisis, migrated to Greece. Today, Greece provides substantial assistance to those who chose to remain, helping to increase their ties with the Greek language and culture through a series of special programmes.

In recent years, important projects in the form of Greek-Russian joint ventures are being realized in Greece, especially in the field of energy (natural gas pipeline, electricity production, etc.) and more are planned (alumina plant, transbalkan pipeline from the Black Sea to the Aegean, including Bulgarian participation, etc.).

At the same time, Greece is promoting private sector investments for the economic development of the Krasnodar region in Southern Russia.