This research defines the relatively new concept of socio-psychological capital and examines the interrelation between socio-psychological capital and emigration intentions of Russian youth. Socio-psychological capital is seen as a resource of psychological relations, available to individuals belonging to a group. Socio-psychological capital includes trust, national identity, ethnic tolerance. The research also deals with the theory of planned behaviour, applied to emigration intentions. The empirical database is presented by the sample of Russian students (N=203). The results of structure equation modelling show that the model of planned emigration behaviour differs from the original theoretical model. We also found a negative relationship between national identity, institutional trust and emigration intentions. The results advance the understanding of the psychological nature of emigration intentions and highlight the potential of the socio-psychological capital concept.