Russia has emerged as a new capitalistic country with a prior history of corruption under the state controlled regime. Will word of corruption in America stop efforts for an ethical business climate in the new Russia? Has the Enron scandal affected Russian views of business? In pursuit of the answer, the authors surveyed Russian business students (n=477) in the fall of 2004 to determine their attitudes on ethics, and to replicate the authors' previous study in 2002. Significant differences in several demographic subgroups were discovered. Finally, the results in 2004 were compared to the 2002 results. Significant differences were detected in the two groups. (Contains 120 endnotes.)