The most widely accepted historiographical theory, known as the "Normanist" theory, attributes the founding of the Rus' to Norse explorers and merchants, possibly originating from the eastern coast of Sweden. This migration and colonization process was long and complex, beginning with the establishment of the first Scandinavian trading post, now known as Staraya Ladoga, on the eastern coast of the Baltic Sea in the late 8th century.  

Evidence supporting the foreign origins of the settlement's founders comes from the discovery of artisan tools and personal objects with distinct Scandinavian characteristics. These settlers were likely drawn by the northward influx of Arab silver coins (dirhams), a consequence of the Abbasids' rise to power in the Arab Caliphate (750) and their promotion of international trade, as well as their peace agreements with the Khazars, who controlled the river routes north of the Caucasus.  

If the Scandinavians were indeed seeking dirhams, in return, they could offer Arab merchants luxury goods such as furs and amber beads. The amber, most likely sourced from the southern and southeastern Baltic coasts, was processed locally before being exported again.  

Staraya Ladoga was located along the Volkhov River, which connected Lake Ladoga in the north, believed in the early Middle Ages to have had a direct outlet to the Baltic Sea, to Lake Ilmen in the south. From Staraya Ladoga, traders could not only access the Baltic but also reach the far north, a region rich in valuable furs. The Svir River connected Lakes Ladoga and Onega, and from there, traders could travel to the Northern Dvina, an area abundant in profitable wildlife.  

The settlement was likely quite isolated. Staraya Ladoga is absent from Western sources, appearing only in much later Norse sagas. It is probable that in the 9th century, the site was beyond the known horizons of most people. The Vita Ansgarii describes travels in the Baltic heading south or southeast toward other Scandinavian coastal settlements but does not mention any journeys toward the northeast.