Subject. Structural changes in the Russian economy over the period 2008–2024 and their impact on the implementation of monetary policy, as well as the transformation of transmission channels. Objectives. To establish the relationships between structural changes in the Russian economy over the period 2008–2024 and the transformation of monetary policy, and to formulate directions for its development in order to align it with the new structural conditions. Methods. Universal methods of scientific cognition were employed: description, analysis, synthesis, comparison, as well as induction and deduction. The information base of the study comprised works by domestic and foreign authors, along with data from open sources. Results. It has been established that structural changes in the economy have led to uneven reactions of individual industries and market sectors to monetary policy measures. Thus, the interest rate continues to influence the behavior of economic agents, but the scale and nature of this influence vary across different segments. This is linked to the prevalence of non-market forms of liquidity redistribution, the widespread use of preferential lending, and a weakening of the link between the exchange rate and external capital flows. Under these conditions, the effectiveness of monetary policy depends not only on changes in the key interest rate, but also on the regulator’s ability to correctly identify sources of inflation and respond in a timely manner to their impact across various economic sectors. Conclusions. Structural changes in the economy complicate the conditions for implementing an inflation-targeting regime. The main channels of interest rate transmission remain in place, but they operate unevenly. The speed and completeness of the response vary depending on sector-specific characteristics, forms of access to financing, and the nature of price pressures. Under these circumstances, the effectiveness of monetary measures is determined not by the magnitude of changes in interest parameters, but by their alignment with the sectoral structure of the economy and the sensitivity of individual segments to changes in market conditions.
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