This paper summarizes the policy debate and the existing academic research on internal and external migration in Russia. We argue that enhancing both international and internal migration can bring sizeable benefits to Russia. In particular, international immigration seems to be the only solution to Russia’s impending demographic crisis: if current trends continue, Russia’s population will shrink by 20% to 115 million people in 2050; moreover, the share of working age population will decline substantially. Internal immigration can help overcome huge interregional imbalances and reallocate millions of workers from regions with low wages and high unemployment to the regions with zero unemployment.