Russia is presently a leader in oil extraction, and occupies a stable dominant position globally with respect to the size of its proven reserves. Inclusion of its non-traditional oil and shelf resources could increase this figure significantly, providing a solid foundation for long-term development. Nonetheless, the potential of Russian oil reserves is among the most undervalued by the international investment community, in spite of the fact that economic indicators are at a level comparable to those of international competitors. A key factor in improving investment attractiveness is evolutionary development of the taxation system which takes into account the development of the energy sector, making it possible to maximize the positive effect on the economy. Experiments in taxing additional income are being conducted to encourage the development of new oil reserves and provide a fresh boost to the development of the Russian oil industry. How can a balance be struck between the interests of business and those of the state? How can investment be attracted into the Russian energy sector during a time of volatility in the macroeconomic and foreign policy landscapes? How can the Russian Federation ensure maximal monetization of its resource potential on an increasingly competitive market?