The paper tackles the role and methods of teaching economic terminology in the course of consecutive and simultaneous translation. The authors consider some of the generally accepted methods of interpreter training and propose a set of exercises that allow students to learn English-Russian correspondences and automate their translation skills in the most effective way, as well as to acquire relevant knowledge of the subject area. Accurate translation of terms is one of the key indicators of an interpreter’s professionalism. At the same time, even written translation in this area can be challenging due to differences in the scope of concepts in Russian and English research, synonymy and polysemy in terminology and lack of an equivalent in the target language. In interpreting, the task becomes even more complicated due to the need to find an equivalent under pressure of time. In this paper, the issues associated with the interpretation of terms are considered on the basis of the authors’ experience of teaching economic terminology to students of the Faculty of Philology who have no special knowledge of economics. It analyses the effectiveness of various methods used in teaching interpreting as applied to learning special terminology. The authors also propose a number of exercises aimed at developing not only consecutive and simultaneous interpreting skills, but also those of pre-translation analysis, as well as broadening students’ horizons.