Russia is one of the largest countries in the world and a very important player in global energy markets. Russia has in recent years been more and more integrated in global financial markets and several financial institutions headquartered in Western Europe have provided financial services to Russian companies and established their own entities in the country. For these reasons, SUERF and the Oesterreichische Nationalbank decided to organise a workshop in Vienna on current trends in the Russian financial system. The decision to organise the workshop was made before the global financial crisis gained force in 2008 and the program had to be adjusted to cover the relatively strong impact of the crisis on Russia. On the 23rd January 2009, the workshop was attended by more than 100 participants coming from financial institutions, central banks, international organisations and universities all over Europe.