The question of Russia's geopolitical affiliation has been a cause of centuries long debate, whether Russia belongs to Europe or to Asia. From the geographical point of view, Russia is predominantly situated in Asia. From cultural and civilisational points of view, Russian people tend to lean towards Europe, even though they capture elements of both civilizations. By examination of the most prominent Russian schools of thought, mainly of geopolitical nature (Slavophilism, Westernism, Atlantisms, Eurasianism, etc.) the work seeks to systemize the answers to this question. At the same time, it seeks to determine through analysis of the contemporary Russian foreign policy, which of these ideological leanings plays a dominant role in foreign policy discourse in Russia since 2000. Thanks to identification of this priority direction and by determining the primary orientation of Russian foreign policy in a particular region, the aim of this work is finally to answer the following question: What is Russia: Europe, Asia, or a separate continent of Eurasia?