The article analyses the essence of modem Russian monetary policy in the context of the steep oil price decline and the anti-Russian sanctions. It explains that, in such conditions, the acceleration of inflation is not caused by monetary factors, and therefore cannot be reduced by the traditional regulation of money supply based on inflation targeting. The authors contend that the targeting is not just inefficient, but it also has negative impact on investment processes in the country and integration in the post-Soviet area, as it makes the Russian ruble exchange rate extremely volatile, directly influenced by oil prices. The article provides recommendations for Russian monetary and currency policy transformation, aimed at its adaptation to the current situation.