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This paper investigates relative trade advantages and competitiveness of Russian product trade in world market between 2001 and 2014. using analytical tools, such as product concentration index, Vollrath’s relative trade advantage index and two-way trade competitiveness measures. The empirical findings are established as follows. First, Russian's commodity structure of trade has been more concentrated rather than diversified. Russian's exports are heavily dominated by mineral fuels. Second, Vollrath’s relative trade advantage index indicates that Russia has lost comparative advantage in almost all trade items except mineral products. But in mineral fuels and animal or vegetable fats and oils, its competitiveness increased significantly during analysis period. Third, in almost all sectors, especially resource-intensive and skill & technology intensive manufactures show excessively low degree of trade competitiveness and have a falling trend. Fourth, Results show that in Russian 50 items two-way trade the prevalence is on successful price competition and on unsuccessful quality competition. Overall, there is a downward trend in the degree of trade competitiveness.