This article aims at assessing the state of Russian economy amid lower energy prices and the “exchange of sanctions” and identifying the priorities for Russian economic policy as a universal institution capable to support the stability and systemic character of development. It proposes to use the optimization of inter-budgetary relations in Municipality-Region-Federal Center system in order to initiate the process of spatial development of Russian territories by involving the regional and municipal capabilities in the development processes. All Russian citizens are recommended to adopt a more rigorous and responsible attitude towards the Constitution as the Basic Law, which received support from people and defines strategic priorities for the long-term development of Russia. The article provides a rationale for the methodology of optimizing the inter-budgetary relations between the Federation, its subjects and municipalities through a science-based division of powers and responsibilities for the socio-economic outcomes at each level. It proposes to involve the experts and the public in the development of a national plan for socio-economic and social development, the main priorities of which should be the improvement in the quality and effectiveness of public administration and spatial development of Russian territories. The author makes the case for the mechanisms and institutions that can connect the regions and territories to the implementation of such national plan. The conclusions and recommendations proposed in this article can be used by the federal authorities when drafting and adopting the laws and other regulatory acts on the distribution of powers and optimization of the budgetary process. They can also be used by regional and municipal authorities when planning and designing the spatial development of their territories.