The article analyzes the financial system of Russia, which is a key element in regulating a market economy and the perfection of which determines the pace of economic development. Federal Law No. 172-FZ “On Strategic Planning in the Russian Federation” adopted by the State Duma of the Russian Federation on June 28, 2014 was supposed to help the government, but any planning is possible only if there are a plenipotentiary body, models and regulatory framework. The author offers a number of steps to create a quality regulatory framework for planning.

Availability of a strong financial cluster is one of the key conditions for further economic growth of the Russian Federation. The purpose of its creation is to form conditions for protecting investors and providing efficiency, transparency and development of the national stock market and enhancing its international attractiveness. In this article, the author, having analyzed the world experience in establishing a financial center and working out its development concept, recommends to create an Agency for Financial Cluster (Center) Regulation or an Investment Agency. In turn, it is recommended for the agency to establish an international council as a consultative and advisory body. In such a situation, priority of the state policy should become the improvement of system-forming factors that have a long-term impact on forming the practice of financial institutions activity: the quality of state regulation; the quality of corporate legislation; availability of reliable and high-quality information, as well as free access to it; the level of development of the financial sector infrastructure, the level of trust and awareness of the public about financial sector services (financial literacy realization); training of professional personnel for financial market; improvement of accounting and taxation of financial market participants and financial instruments.

The article presents new approaches to foreign exchange and monetary policy required for progressive changes in the economy. It examines the features of the foreign exchange market formation in terms of exchange rate volatility, ruble depreciation, interest rate instability. The paper analyses advantages and disadvantages of weak and strong ruble, both in terms of the Russian economy development and in geo-economic context.

The economic crisis of 2009 – 2014 in Russia and Ukraine is not a result of the global financial crisis impact. The continuing deterioration of the Ukraine and Russia’s economies is caused primarily by inadequate macroeconomic policy, which cannot be optimal due to institutional character of its origin.

The economic crisis of 2009 – 2014 in Russia and Ukraine is not a result of the global financial crisis impact. The continuing deterioration of the Ukraine and Russia’s economies is caused primarily by inadequate macroeconomic policy, which cannot be optimal due to institutional character of its origin.

The policy, known as “inflation tracking” implies complete freedom of the exchange rate, however the Central bank has always declared its desire to exercise regulation and control.