This chapter uses the OECD’s product market regulation (PMR) indicators to assess the extent to which the regulatory environment in Russian Federation is supportive to competition and to draw attention to the areas where further reform efforts would pay dividends. The results of estimating these indicators suggest that, despite improvements in some areas, many aspects of Russia’s regulatory framework are still restrictive and there is considerable scope for enhancing economic performance by bringing regulation into line with best practices. In particular, the scores indicate that reducing the role of the state-enterprise sector in markets that are inherently competitive and reinvigorating efforts to liberalise foreign trade and direct investment regimes would benefit Russia’s economic performance. In some network sectors, recent regulatory changes have significantly improved the scope for competition. However, ongoing work needs to focus on separating competitive and monopoly market segments and eliminating barriers to entry. In addition, the authorities need to develop the capacity and strengthen the hands of the sectoral regulators. Introducing an overarching competition policy would also help bring the issue of competition to centre stage and spread a competition ethos through different levels of government.