This study examines the narratives created and exploited by the Russian Foreign Intelligence Service (SVR) in its official history. It views the official history as part of a broader campaign to influence domestic and foreign perceptions of the SVR, starting in the 1990s. The narratives are examined in terms of narrative power; namely, the ability to cause intended effects by creating a certain understanding of events. The study finds that the SVR substantiates a “derzhavniki master narrative” in which Russia is a great power that must continuously balance the power of other states and prevent these states from achieving relative gains. The SVR’s narratives integrate the history of foreign intelligence into the history of Russia. This integration has narrative power because a strong foreign intelligence service is both natural and legitimate in the derzhavniki narrative. The study moreover finds that the SVR deals with the KGB’s history of repression by portraying itself as a victim.