The key challenge Russia is going to face in next 10 years is a transformation from an “oil and gas power”country to one with a competitive and efficient National Innovation System. It has to close the gap between still strong S&T; capacities, rich cultural and intellectual traditions, a new generation eager for knowledge and career building on the one hand, and weak innovation, obsolete institutes, regional and social discrepancies on the other hand. Major future trends and actions to be taken by the Russian Government will be discussed with respect to their potential impact on society and economy and the role Russia is going to play by 2018.