Turkey and the Russian Federation (RF) have deep historical political and economic relations. The trade between the two countries have been growing since late 1980s when Turkey began to procure natural gas from Russia. The dissolution of USSR and the revival of Russian economy offered new opportunities for Turkish businessmen. During the last decade, Russia became one of the few major markets for Turkish construction and contractor companies whereas Turkey has been a favorable touristic destination for Russians. The agreements regarding Akkuyu nuclear power plant and natural gas pipelines have strengthened the ties between the two countries. In 2012, Russia became the 156th member of the WTO. Russia’s WTO accession, along with the country’s other economic cooperation and integration moves provide foreign companies interested in Russia with a better investment climate and business environment. Having competitive advantage in many goods and services categories needed by Russia, Turkish companies should benefit the new developments in RF and increase their business volumes in that country. This paper examines the current trade relations between RF and Turkey in detail considering the potential effects of RF’s WTO membership.