For twenty-five years since the resumption of diplomatic relations between Russia and Israel much has changed. Countries have come a long way from open hostility to the partnership, very close in some cases. The overall dynamics of bilateral relations is reflected in the economic and trade cooperation. The paper deals with the current state of Russian-Israeli cooperation in the field of business. Considerable attention is paid to the identification of problem areas that impede the effective development of business cooperation between the two countries, the search for ways to overcome them. The paper also explored prospects for development of Russian-Israeli cooperation. Particular attention is given to cooperation in science and technology, as Russia is interested in the formation of its national full-scale economy of innovation, and Israel could be a significant partner in this area.