Subject The article analyzes the condition of the Russian economy and assesses the crisis bailout plan implementation by the Russian government. Objectives The study aims to review the condition of regional budgets and unveil problems faced by regions. Methods We employ methods of analysis of scientific and information base and synthesis of obtained data. Academic works of domestic and foreign scientists on the theory and practice of economic and financial security form the methodological and theoretical basis of the research. Results We offer measures to change the structure of the Russian economy, reform the financial and monetary policy of the Central Bank of the Russian Federation. The paper presents an alternative economic and fiscal policy, which will enable the Russian economy to overcome the crisis within one year. Conclusions and Relevance The findings show that the current economic crisis is of internal nature. Therefore, it is crucial to ensure the growth of household disposable income, reduce inequalities and improve the living standards of the population. To achieve this, it is necessary to decrease interest rates on loans of up to 8 percent per annum, establish the key interest of maximum 3 percent, exercise tight financial control on the part of the Central Bank of the Russian Federation. The proposed measures will enable about 3 to 4 percent economic growth.
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