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Today one can see a change from the earlier Cold War mindset of a zero sum game to cooperation for the insurance of one's own national interests. The security of a nation today is not merely territorial integrity and sovereignty, it has acquired a wider meaning. In this background one can see that the commonality of interests and mutual confidence has strengthened Russia's Security relations with India, whereas with China the coincidence of pragmatic interests binds their relation making their future unpredictable. Even though Russia has identical perceptions on important issues like multi-polar world, counter- terrorism, Shanghai Cooperation Organization with China and India, there are areas of divergence also. Both China and India receive major defence supplies from Russia but the nature of their security relations differ as Russia is not willing to sell its advanced technologies to China whereas in India's case it has not only sold advanced technologies but also had joint production of technologies. This Research work brings out an important comparative perspective of Russia's Security policy with China and India highlighting the dilemmas within.