This chapter begins by outlining Russia’s importance for the EU. It then assesses the nature of the EU’s diplomacy towards Moscow and the evolution it underwent. This prepares the ground for an evaluation of its strategic diplomacy and its effectiveness in the light of the post-Lisbon institutional arrangements. Finally, the chapter investigates the (in)compatibility of the strategic projects at global and regional level. While the chapter mainly analyses EU-Russia relations before the crisis in Ukraine, a couple of reflections on the impact of these events are added in the last section.