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This article examines the potential prospects of change in the state‐business relationship in Russia with an emphasis on the effects of globalization. The establishment of an efficient relationship between the state and private business has been one of the key challenges in post‐communist era development. Globalization compels the rapid adjustment in state‐business relations in new democracies in former communist countries. This paper analyzes the main features of Russia's “oligarchic capitalism” and plausible sources of change in its state‐business relationship. However, it concludes that in view of the current stage of development in both economic globalization and social activism, it will take time to see any profound changes in the state‐business relationship in Russia.