The aim of this article is to offer a dynamic impact analysis of the system of transfers in Russia, based on a comparison of indicators of well-being measured before and after state intervention. We shall begin by assessing the impact of public transfers on different forms of poverty and demonstrate that, while the system is seeing a fall in chronic and transitional poverty, there is very little movement between categories. We shall then evaluate the capacity of the system to keep non-poor households from falling into poverty (protection) and to help poor households escape poverty (promotion). Several studies suggest that the Russian system of transfers is well suited to protection but has proved incapable of attaining the goal of promotion. In other words, in its current form it cannot claim to be an effective tool to combat long-term poverty.