This article critically engages with recent scholarship that casts Russian foreign policy either in terms of a gradual evolution towards neo-imperialism, or alternatively as an episodic series of shifts on issues such as terrorism, energy, relations with great powers, and Russia's geostrategic position in contemporary international politics. It argues that since the end of the Cold War what has been striking about Russian foreign policy has been its continuity. To do this it examines several key policy arenas, including Russia's attempts to construct regional architecture to embed its hegemonic position, its recent preference for resource diplomacy, and its use of military force. It finds that while Russia has struggled to maintain hegemony in the former Soviet space due to the ongoing problem of weak material capabilities, the ‘assertive’ form of realism that characterizes its foreign policy has not altered significantly since shortly after the collapse of the USSR.