Russia emerged as an important wheat exporter in recent years raising the question how this will affect international wheat markets. In particular developing countries – the main destination of Russian wheat exports – could be harmed by an aggressive pricing behavior. This paper analyses the exertion of market power by Russian wheat exporting firms based on Krugman’s pricing-to-market (PTM) hypothesis. Adopting Knetter’s panel model, we find Russian PTM behavior in 37 out of 59 destination countries over the period 1998-2011.