North Korea’s actions at the beginning of 2016 and the negative reaction of the international community to them resulted in a situation challenging Russia’s Far Eastern policy. The authors suggest using the opportunity to work out new approaches to Russia’s policy line in the Korean settlement. The main emphasis in the Korean security issue has been always placed on North Korea’s nuclear and missile programs. While important, they cannot be resolved separately from other aspects of the Korean settlement. Positioning this problem in such a way corresponds mostly the interests of the USA and South Korea that consider denuclearization as a step to a “final settlement” of North Korea’s issue implying the regime change. Therefore, the article provides arguments that denuclearization cannot be singled out as the sole negotiation agenda item as it disregards the issue of security guarantees to North Korea, not to mention the fact that it cannot be possibly reached under current conditions. The article analyzes options of modifying the Russia’s approaches, taking into account recent resorting to harder positions by the other parties concerned and their initiatives. Some of their proposals, in particular, the ideas of negotiations on a peace arrangement without Russia’s participation would endanger Russia’s ability to influence the developments on the Korean Peninsula. The idea of five-party talks without North Korea also requires critical examination and Russia’s reaction. The authors present a potential comprehensive roadmap to normalization of the situation on the Korean Peninsula, which should have as its goal creating an efficient and inclusive system to maintain peace and security on a multilateral basis.