The article examines the outcomes of 20 years of land reform in Russia’s agriculture. The landownership structure is assessed, the risks voiced at the beginning of the reform are reevaluated, and new risks related to the development of landownership are highlighted. Russia’s land policy has gone through several stages since the beginning of reform: from clearly formulated policies and procedures in the early 1990s to a set of administrative activities entrusted to disjointed land authorities at the present time. Despite institutional difficulties, the land market in Russia is developing, land has become transferable, it is actively redistributed between peasant farms and corporate farms, flows to new users. Due to the absence of an organ that controls and manages the country’s land endowment, the land policy is unable to respond to new challenges that arise in the course of ongoing land reform.