The maritime industry has received increased political attention and funding in Russia, and its modernization is considered one of the priorities in the country's industrial development. The unstable political and economic situation, particularly the ruble's decline against the euro, the plunge in world oil prices, and the economic sanctions imposed on Russia have recently affected the trade between Finland and Russia. The economic and political situation offers an interesting context for studying the perceptions of Finnish small and medium-sized enterprises (SMEs) regarding the Russian maritime and offshore industry, often seen as an attractive market for foreign firms. This chapter describes the perspectives of Finnish SMEs on exploiting business opportunities in the Russian maritime and offshore industry jointly with other Finnish firms. It is based on in-depth interviews with the representatives of 20 Finnish SMEs operating in the maritime and offshore business. The involvement of the interviewed SMEs in the Russian maritime and offshore industry varies greatly.