The article reveals the key imbalances in the financial sector accumulated over the past 30 years. In particular, the inadequacy of the size of the financial sector to the scale of the economy, insufficient financial development (weak monetization, low accessibility of loans and other financial instruments) are analyzed. Other long-term imbalances are discussed (excessively high interest rates, persistently “hot” inflation, “stormy” volatility, overconcentration in the financial sector, excessive influence of state-controlled financial institutions, persistently high capital flight). Provides an overview of other distortions and causes that have led to imbalances in the financial sector.