The study investigates factors motivating universities to engage in international degree collaboration. The Finnish-Russian university framework is used as the locus for studying international collaboration. The paper employs resource dependency and institutional, stakeholder and market push and pull perspectives in a conceptual model explaining the drivers of international degree collaboration. The research focuses on the interaction of the various factors that motivate partners to seek international degree cooperation, possible sources of conflict, and issues of compatibility and complementarity. In particular, the study compares the roles of different stakeholders and the institutional contexts of Finland and Russia. The motives of the Finnish and Russian universities included in the study were found to be generally compatible, yet different enough to complement each other.