Russia’s economic transformation is not yet complete enough to support high and lasting growth. This chapter considers what impediments remain in the way of sustainable growth and what reforms are necessary to remove them. As the postcrisis boom dissipates, reform efforts need to be both appropriately focused and front-loaded, to ensure a smooth transition from the postcrisis boom to a long-term growth path. The chapter assesses the government’s reform agenda in view of these requirements, to sketch out the prospects for Russia’s medium-term growth.