Objective: The objective of the study is to identify factors that are associated with Finnish business students' willingness to do business in the Russian market and with Russian firms. This research contributes to international business research and psychology of business students research fields by addressing the relationship of psychological factors, such as stereotypical thinking about a nation, and students' willingness to do business with Russian firms and in the Russian market. A review of other variables that contribute to willingness to do business with Russia from the field of business research is also provided and incorporated into relationship study with willingness to do business with Russia against psychological factors. As current business students are likely to become managers of Finnish companies during the span of their careers, this study attempts to provide a glance into the future of Finnish-Russian business relations.

Research Method: This study employs quantitative research methods, where data was collected using a web-based questionnaire from business students studying at Aalto University School of Business, Lappeenranta University of Technology School of Business and Turku School of Economics. The questionnaire received 437 responses, out of which 406 were retained. Stereotype profiles of Finns, Russians and students' own personality traits were assessed using the National Character Survey based on the Revised NEO Personality Inventory.

Findings: The research concludes that Finnish business students are, on average, willing to do business in the Russian market and with Russian firms. Stereotyping proved to have a weak explanation of students' willingness to do business with either Russian firms or in the Russian market. Instead, improvement in academic knowledge about doing business in Russia, general knowledge regarding Russia, ability to speak Russian language and perception of similarities between business practices in the two countries increased students' willingness to do business both in the Russian market and with Russian firms. Perceiving corruption as an obstacle to doing business in Russia was a significant factor in explaining willingness of students to do business in the Russian market, however, had no association with students' willingness to do business with Russian firms. Neither having visited Russia, nor having Russian friends, nor Russian business contacts explained students' willingness to do business with Russia, however, insignificance of the results can be attributed to students' lack of business experience as of yet and further follow-up research is recommended.