In this paper, three long-time observers of Russia and the EU perform a reality check on the EU–Russia relationship. All three authors agree that a more realistic EU policy would deal with Russia as it is, not as the EU wants it to be. The reality of today’s Russia is complex, as is the policy formulation process in the EU. Nevertheless, the EU should start with a clearer idea of where its own interests and priorities lie. It should accept that it can achieve fruitful cooperation with Russia in some areas while openly disagreeing with it in others. The EU needs to be prepared to work with Russia as an equal partner without compromising its own norms and values.