The end of every development cycle (whether local-, region- or worldwide) is often accompanied by crises, determining the ways of further development and revealing its essence. During a long period that followed 1998, Russia that previously had not recognised the necessity to develop the domestic market of government securities finally faced the need to re-consider its importance and possibilities for the budget against the background of the unfolding 2008 crisis. Having been integrated in the global markets, Russia’s domestic market is still highly dependent on the outside environment: budget crisis in the southern countries of the European Zone, growing expectations as to the policy of the US Federal Reserve led to growing rates, decreasing market liquidity and worsening the conditions of attracting investments in the budget. Nowadays Russia has once more faced the only opportunity to use the internal market resources; however, the suspension of reforms in 2013 did not let the Ministry of Finance cover the expenses on debt servicing in 2014, thus, posing serious risks to implementation of the lending programme in 2015 etc.