The clotting activities in Russell's viper venom which react with either factor X or V have been separated from whole venom by chromatography on Sephadex G-200. The fraction activating factor X, which has a molecular weight around 145,000, functions as a catalyst in a calcium-dependent reaction. The fraction reacting with factor V, which has a molecular weight around 10,000-20,000, is consumed in a reaction requiring no added cofactors. Neither factor V activating fraction nor whole venom appears to react with factor VIII. © 1969, American Chemical Society. All rights reserved.