Until late 2008 the main fiscal policy challenge for Russia was to decide what proportion of abundant oil revenues to save and which assets to accumulate. The onset of the crisis transformed that situation, giving rise to large deficits and bringing questions of fiscal sustainability back into play. The main short-term fiscal policy challenge is to gauge the optimal amount and form of fiscal stimulus as well as the right scale and modalities of public support for the banking system, while safeguarding fiscal sustainability. Over the longer term, fiscal policy has an important contribution to make to raising potential growth rates. Taxation of natural resource wealth will remain a critical issue in this respect, and scope exists for the government to appropriate economic rents more efficiently and consistently across sectors while protecting incentives for exploration and development. Reforms in this and other areas can make the overall tax system more growth-friendly without worsening equity.