The article compares two interpretations of God’s self-definition in Exodus 3:14, namely (a) the traditional «ontological» interpretation («I am the One Who really is»), which is represented in the Septuagint and patristic exegesis, as well as in the standard Russian (so-called Synodal) translation, and (b) the «apophatic» interpretation («I am what I am»), which is predominant in modern exegesis and modern translations. Analysis of the Hebrew text suggests that the «apophatic» reading reflects the original understanding of Exodus 3:14 in its pre-Hellenistic context.