In 2014 the Russian economy faced a serious monetary and financial crisis,  which threatens to escalate into a deep economic crisis. Throughout the  year there was a decrease in GDP growth, and by the end of the year this  figure has moved to negative values for the first time since 2009. The  ruble lost 70% of its value. The article analyzes reasons, lessons and  implications of these negative processes. It is shown that the economy  began to slow down long before the fall of oil prices, the conflict in  Ukraine and the Western sanctions. The model of the economy, where the main  factor was that of oil-based unbridled consumption, has lost its stability.  The author concludes that an active industrial policy and a strategic plan  to change the paradigm of country’s economic development are necessary.