The current monetary policy (MP) in Russia, based on the inflation targeting (IT) regime, is just under 10 years old. The entire period was accompanied by an increased number of shocks to financial stability caused by external economic and geopolitical factors. These include the imposition of sanctions in 2014, the fall in oil prices in 2015-2016, the COVID-19 pandemic, and the massive external constraints of 2022. Nevertheless, even under these conditions, the monetary policy has delivered a much lower average price level than in the previous much calmer 15 years. In addition, for the first time, the Bank of Russia was able to pursue stimulative monetary policy. In 2020, in response to the pandemic crisis, the key rate was summarily reduced to 4.25% which was the lowest level in recent history. The key element of improving the effectiveness of the monetary policy was the transition to the inflation targeting regime. It provided sufficient flexibility to deal with both cyclical and structural crises while keeping the main objective of returning inflation to the target level unchanged.