It is demographic problems of modern Russia that are analyzed in the article. After discussing the causes of the country’s population numbers decreasing, the author comes to the conclusion that this will go on as long as purely economic criteria of efficiency of regional development are not substituted for by social-psychological ones. With reference to the experience of a number of European states, Yu.G.Yushkova-Borisova argues that the stress being laid on migrants will only deteriorate the situation in Russian Federation. In her opinion, if the country fails to be guided in its economic policy by the requirements and potentialities of the inhabitants of each concrete territory, the population will find itself doomed to economic and social stress with all the ensuing demographic consequences, and eventual attempts to remedy the situation by attracting Gastarbeiter and by internal redistribution of manpower will result not only in further demographic decline, but also in aggravation of ethno-cultural problems.