Abstract. In 2021, Russian economy recovered from the coronacrisis, although on an uneven path. Major factors behind positive growth dynamics were resumed demand in the global economy, buoyant energy prices, and rising interest in Russian financial assets. Russian economy grew by 4.7 per cent, which more than compensated crisis losses of 2020, when it contracted by 2,7 per cent. At the same time, post-crisis GDP growth in Russia was 1.4 percentage points weaker than the world average. As coronacrisis shocks stepped back, traditional problems of the growth model specific to the Russian economy become visible again, most notably dependence on price dynamics on global commodity markets, limited sources of domestic private investment, and weak growth in real incomes. In 2021, accelerated inflation added uncertainty to growth prospects. Moreover, from November on geopolitical tensions have radically changed the entire framework of Russia’s economic relations with its major trading partners.