Abstract. In 2020, the Russian economy was severely hit by the crisis associated with the coronavirus outburst. Across countries, the depth of the epidemic shock was principally related to the degree and duration of quarantine restrictions. As Russia abstained from radical lockdown policies and started to lift the most restrictive counterepidemic regulations as early as in May–June 2020, the economic costs of the crisis for the country were rather moderate. In general, the Russian response to coronavirus challenges was rather «economy-friendly». To promote economic recovery in 2021, however, anti-crisis policies should shift from prioritizing large-scale investment projects and big companies to supporting real income of ordinary citizens as well as small and medium enterprises that suffered most from the crisis. Additionally, regional budgets should be assisted in financing their expenditure, first and foremost those on National Projects by allocating money of the National Welfare Fund for the respective purposes.