As the Russian government seeks to improve its economic performance, it must pay greater attention to the role of technology and digitalization in stimulating the Russian economy. While digitalization presents many opportunities for the Russian economy, a few key challenges – cumbersome government regulations and an unequal playing field for foreign companies – restrict Russia's potential in digitalization. In the future, how the Russian government designs its technology and regulatory policies will likely have significant impact both on the domestic front, as well as on their international initiatives and relationships. This paper provides an overview of recent Russian digital initiatives, the regulatory barriers for U.S. technological companies in Russia, and the intellectual property challenges for doing business in Russia. This paper also discusses recent digital initiatives from China, the United States, and other countries, and discusses what such programs mean for Russia. In this context, we also discuss Chinese and U.S. efforts to shape the future of global technological standards, alongside new programs from countries like Chile and Estonia, to attract foreign startup companies. Finally, this paper discusses the future challenges that the Russian government needs to address in order to improve its digital business environment. The paper concludes by providing some recommendations for designing market-friendly regulations, creating a level-playing field for foreign businesses in Russia, promoting Russian engagement with Western companies and governments, and undertaking more outreach efforts to make Russia's digital business environment more inclusive.