This research examines the regional heterogeneity of the impact of the ruble exchange rate dynamics on output. The empirical assessment of the relationship between the exchange rate and the output of Russian regions has been carried out using models of structural vector autoregression based on data from January 2010 to December 2019 in the context of two periods: prior to the Bank of Russia’s introduction of the free-floating regime of the ruble and thereafter. The research shows the regional heterogeneity of the impact of the exchange rate on the output, notes the possibility of both preserving and changing the nature of the said impact, depending on the general economic conditions.