This study aims to investigate the relation between oil prices, exchange rate and economic growth in Russia from a multiple structural break approach. For this reason, quarterly series have been used for the period 1995:q1-2014:q3. In the study, first of all, the series have been subject to multiple structural break unit root test and multiple structural break cointegration test, and the effect of oil prices and exchange rate on economic growth has been estimated with dynamic least squares method. Two significant findings have been identified as a result. First of all, it has been observed that there are structural breaks in the series, and despite this, series move together in the long run. Secondly, it has been observed that increasing oil prices are an important factor for economic growth and that depreciation of rouble against dollar will have a limited effect on economic growth in the long run.