The world economic-financial crisis confronted the states, the governments and the national parliaments with the task to elaborate and to adopt both reso­ lute and novel decisions in order to overcome it. What do the Russian authorities undertake in this respect? How do they face the situation? Is it possible for the fiscal system in this country to react adequately to the imminent challenges? All these questions are answered in the given article by a renown specialist in the field, former leader of a number of financial and fiscal institutions from Russia and member of the Council of the Federation Assembly of Russian Federation on behalf of Krasnodar region at present.