contemporary economies and this argument has been widely supported by empirical research, but mainly based on data from developed markets. The question of how IC and its elements work in other contexts remains under-researched and the limited empirical evidence that exists contradicts the conclusions drawn from developed countries. The purpose of this paper is to provide empirical insight into the relationship between three main elements of IC (human, relational and structural) and organizational performance in the particular context of Russian manufacturing companies. Design/methodology/approach – The sample comprises 240 Russian manufacturing companies. The data are collected by survey using the scales already validated in the international context. The authors use a two-step analysis – factor and regression analyses – to answer the research questions. Findings – The findings demonstrate that structural and human capitals positively influence organizational performance, explaining a quarter of its variation, while relational capital does not. Practical implications – The core managerial implication of this study is that developing structural capital is of particular importance for Russian manufacturing companies. Originality/value – The paper contributes to further development of IC theory by investigating its application in the new institutional and cultural context of Russia.