The innovative development of the Russian economy is facilitated not only by domestic but also foreign economic policy. The One Belt, One Road project is important for both Russia and China, with both advantages and disadvantages. The article provides a brief overview of the socio-economic situation of the Chinese and Russian economies. For the development of Russia, its Arctic part has a project of the Northern Sea Route. China’s investments are important for Russia, on the one hand, but Russia also has state programs that promote the development of the Arctic zone and the Northern Sea Route, significant financial resources are allocated. Russia’s financial benefits consist of investments by Chinese funds, the provision of loans at low interest rates, the benefits of transit, the receipt of fees from the passage of ships, the development of exports and, in general, the promotion of innovative development of the Russian economy. Among non-financial benefits, there is the provision of national security, the strengthening of international relations, and increased competitiveness.