The study traces the development occurred in the alliance between Putin’s Russia and the European far-right parties since the European Parliamentary election held in May 2019. The article briefly summarizes the populist upsurge in Europe, exploring the reasons behind it. Consequently, the relations established between the political actors are outlined, starting with the concept of “sovereign democracy” to cover all the eventual points where the interests of the Kremlin match with those of the European far-right populists. The ultimate purpose of the study is to define three possible macro-scenarios for the alliance and, indirectly, for the European Union in the near term, concluding that even though the uprising of the populist parties has been somehow contained and the alliance has been widely exposed, the far-right still benefits from great success among public opinion. Furthermore, however ephemeral and transitory the collaboration between Putin and the populists may be, it has already laid the foundations for a more fruitful understanding. Russia’s importance as an economic and political partner will grow as its friendly political forces do and their mutual sympathy will stand until there are reciprocal gains.