The goal of Russia’s economic modernization policy is to transform the economy, heavily dependent on energy exports, into an innovation-based economy. There are diverse views as to the achievements and limits of Russia’s economic modernization policy. The Russian leadership considers the discussions over goals, policy directions and priority sectors of the modernization policy to be yet unfinished. Meanwhile, experts do agree in general that economic modernization is a laudable policy direction for sustainable development and that the government’s willingness, efficient operation of the constituent mechanisms, improving the investment environment through intensive structural reforms, and promoting innovation of SMEs through political and financial methods are critical factors for the policy’s success. Recently, the Russian government has shown a tendency to include economic reform tasks such as nurturing import substitute industries and SMEs in economic modernization policies. This reflects Russia’s reality in which comprehensive reforms led by the government are urgently called for. The five sectors - energy efficiency, nuclear technology, ICT, space technology, and medical and pharmaceutical technology - are still Russia’s key priority, and the industries are discussed as core agendas by the Council for Economic Modernization and Innovative Development, the control tower of the policy. Based on the findings of this study, measures for Korea-Russia cooperation in terms of Russia’s economic modernization policy are suggested as follows. First, a Korea-Russia business forum for innovative venture companies should be held simultaneously when the Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation convenes. Second, it is necessary to open a Korea Innovation Center (KIC) in Moscow and set up cooperative relations with the implementing agencies of the economic modernization policy.Third, the next generation’s human resources should be nurtured to enhance scientific and technological cooperation between Korea and Russia. Fourth, Russia’s special industrial and innovative economic zones can be utilized as a platform for Korea-Russia cooperation. Fifth, launching a Korean-Russian portal site for economic modernization and innovation will be helpful in strengthening bilateral cooperation.