The external economic activity of the Russian regions is analyzed in terms of the two components. The index of regional economies involvement in different kinds of economic activity is calculated for the process component, i.e. international movement of goods and production factors. The ranking is made according to the index with more and less externally oriented regions being marked out. The institutional component of external economic activity is considered in the context of regional agreements for international economic cooperation in different spheres. Data comparison for process and institutional components shows an overall correspondence in their development.