Abstract: The research subject is trade and economic cooperation between Russia and Bahrain at the present stage. The author analyzes not only the current spheres of cooperation between the two countries, but also the potential spheres. The author characterizes the economic system of the Kingdom of Bahrain. The author successively considers three “baskets” of trade and economic cooperation: fuel and energy sector, high technologies, and investments. The research methodology includes the system and structural-functional approaches. The author uses institutional and comparative methods, synthesis and event-analysis. Long-term cooperation between the Kingdom of Bahrain and the Russian Federation is strategically important in the context of realization of national interests of both countries. For Moscow, Manama is an appropriate base of accessing the GCC’s markets and pursuing the policy aimed at achieving results in the political sphere via economic instruments. For the Kingdom of Bahrain, relations with Russia are the element of the national economic security and the part of the strategy aimed at diversification of markets and basic partners within strategic manoeuvering from the medium and small states theory.