The article discusses how Russia's entry into the World Trade Organization (WTO) will bring significant economic benefits, estimating a gain of $53 billion per year in the medium term and$177 billion per year in the long term. Russia has made commitments to reform its business services sectors as part of the WTO accession negotiations. These commitments are similar to those of other countries that have joined the WTO. Russian policies to attract foreign direct investment are also examined, including the impact of a 2008 law on strategic sectors and the increased role of the state in the economy. The article concludes by evaluating strategies to diversify the Russian economy efficiently.