Intellectual Capital (IC) has been argued to be the key element of value creation in the contemporary economy, and this argument has been widely supported by empirical research, but mainly based on the data from developed markets. The questions of how IC and its elements work in emerging markets remains under-researched, and limited empirical evidence that exists contrasts the conclusions drawn from developed countries. The aim of this study is to provide empirical insight into the relationship between three main elements of IC (human, relational and organizational) and organizational performance of Russian companies. The sample includes 240 Russian companies. The data is collected with the survey using the scales that have been already validated in international context. The paper contributes to further development of IC theory by investigating its application in anew institutional and cultural context.