This article contributes to the rich body of literature on Russian security perceptions and analyses how Russian security thinking evolved over the last 20 years. The focus of the article is on how Russian security perspective shifted from the goal of assuring Russian security by integration and cooperation with the West to the idea of Russia’s own separate geo-economic project and the goal of reducing the country’s dependencies on the West. Security in this article is understood both as a military-political and as an economic phenomenon.