Subject The article addresses the macroeconomic policy issues in Russia under oil price volatility. Objectives The aim of the study is to disclose the macroeconomic policy measures in Russia under the specified conditions. Methods The study employs formal logic, systems approach, and statistical data analysis. Results I present statistical data showing the impact of falling oil prices on Russia's foreign trade indicators, describe the nature of modern Russian policy aimed at achieving and maintaining macroeconomic stability through measures of fiscal and monetary policy. Conclusions The external shocks will require a special economic policy for Russia. In the public sector, it is necessary to reduce the share of Federal budget spending in GDP, which will enhance the sustainability of public finance under fluctuations in oil prices in the global market. In the monetary sector, macroeconomic stabilization should be achieved by measures focused on inflation minimization (using the operating mechanisms of inflation targeting), rather than on using the policy of targeting the national currency exchange rate). In the public sector, it is important to establish a mechanism of redistribution of financial surplus under fluctuations in oil prices in international markets.
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