In 2000s, Russia entered the second round of radical reforms of its economic and political system. These changes affect the institutions of the macro- and microeconomic policy, of the energy policy, as well as the institutions of the climate policy. Thus, the framework is currently being built in Russia within which the Climate Convention and the Kyoto Protocol are being and will be implemented. Success, or failure, in Russia’s interactions with the international community in implementation of the UNFCCC and its Kyoto Protocol would depend, particularly, on whether it would be able to establish renovated climate policy institutions in the nearest future. Main provisions of the Kyoto Protocol open good perspectives for the climate policy of Russia. For these favourable perspectives to become a reality, Russia will have to accomplish quite a lot at the domestic, national level. Here, Russia is facing some serious problems. Among them are recently emerged problems with ratification of Kyoto Protocol.