Business ethics is an intriguing and constantly evolving phenomenon of post-Soviet economies, which are well known for corruption and questionable business practices. This study examines business ethics in the Republic of Moldova, a poor European country that re-emerged after the collapse of the Soviet Union. The academic perspective of the study traces a unique mixture of old perceptions and the contemporary approach to business ethics taken by foreign investors. A practical assessment indicates what to expect if one is planning to conduct business in Moldova. One of the authors, a permanent resident in the country, directed the pertinent field studies.