Abstract. In 2022, Russian economy has faced unprecedented geopolitical challenges and dramatically escalated economic sanctions imposed by Western countries. Nevertheless, economic collapse expected by many observers has not materialized. Actual GDP decline (-2.1 per cent) was even more modest than during the 2020 crisis fueled by the COVID-19 pandemics (-2,7%). Two factors were responsible for the remarkable resistability of the Russian economy: Dynamic changes in the geography of Russian foreign trade, on the one hand, and efficient regulatory response to external challenges (most notably, in the fields of monetary and budgetary policies). Both factors contributed to neutralization of the most serious threats to the Russian economy. By the beginning of 2023, Russian regulators as well as international economic organizations like IMF expected economic growth in Russia to resume. Continued restructuring of foreign trade coupled with  acroeconomic stability are key prerequisites for this scenario.