In July 2017, the Moon Jae-In administration announced its New Northern Policy, aimed to create a new northern economic space and strengthen connectivity between Korea and the Eurasian continent. Vitalizing Korea–Russia economic cooperation is an important factor in realizing the policy. In this regard, Korea needs to come up with new economic cooperation measures which correspond to Russia's socioeconomic conditions, industrial policy and regional development plans. This study focuses on Russia’s Far East development policies and Korea's measures to cooperate in the region.