The article is dedicated to current trends in University-Business Cooperation (UBC) in Russia on the example of Saint Petersburg. UBC plays an important role in the success of all the stakeholders of the process: higher education institutions (HEIs), students, employers and the government. The ongoing interaction between HEIs and employers helps achieve a high quality and relevance of education as well as to diminish the gap between the competences the employers expect and the knowledge of graduates and to develop the national economy. The benefits for stakeholders are presented in the paper. Saint Petersburg has 72 HEIs and is called one of the 100 best cities for students globally. Some universities in Saint Petersburg hold high positions in Russian and world rankings. All universities are interested in cooperating with employers. The models of UBC in Saint Petersburg are analyzed and examples of each type are given in the paper. One of the most important indicators of the efficiency of UBC is the employment of graduates. The current state of UBC in the city is assessed by analyzing the employment rates of graduates.