Situation evolving during several recent years points to the need to change the economic development model in Russia. In order to ensure a sustainable economic growth and consistent increase in public well-being it is crucial to reduce the economy’s vulnerability to changes in external conditions, as well as to resolve inherent internal structural problems. Those were revealed not only by the economic recession in the aftermath of the fall in the prices for Russian export commodities in 2014, but also by the fading economic dynamics registered previously (notwithstanding the favourable situation in the global commodities markets). The vector of Russia’s development will be shaped by the readiness both of the general government and the whole society to switch to the investment- and innovation-oriented economic growth model as well as to make efforts to create the internal potential for growth and favourable business environment. This primarily calls for governance efficiency, renewing fixed assets, developing infrastructure, installing new technology, as well as establishing high-quality institutions, which will help increase labour productivity. In effect, this is a challenge for the general government, regulators and economic agents across all levels, including the Bank of Russia.