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This study is roughly classified into four parts - the concepts, causes and developments, possibilities and barriers of Russian modernization strategy, and its implications for Korea. The idea of modernization strategy has deep historical roots in Russia: From Peter the Great's dream of Europeanized Russia to the Soviet attempt to cause to move forward with force a peasant society into an urban one. The definition of modernization can be interpreted in two ways. On the one hand, it is understood as a purely economic and technological process, with the aim of achieving competitiveness at the global level. On the other hand, modernization can refer to a development of social and political institutions like developed western democracies. After the global financial crisis, Russian President Dmitry Medvedv made modernization the important feature of the policy agenda. Above and beyond all other, modernization meant diversifying the Russian Economy to become less dependent on natural resources revenues. Russia needs to make up for a significant technological and innovation lags. Russia needs to develop a new knowledge-based economy. In my view, modernization is essential if Russia is to successfully completed its full potential and engage without reserve with global economy. Foreign technology, capital, and expertise have a crucial contribution to make a genuine modernization of the Russian economy. Successful Russian modernization requires a climate of economic and institutional predictability in order to attract and to keep foreign investors and domestic capital (both human and financial).