These theories are proposed by ordinary unskilled people as well as the specialists, thus, it is important to understand the logical connections behind them so as to separate the worthwhile theses from the incompetent opinions. The aim of this essay has been to outline some of the credible arguments and to prove their relevance. So, this paper is focused on the three reasons, namely, rapidly decreasing oil prices, economic sanctions imposed by the European Union and the United States against Russia and incompatible monetary policies conducted by the Russian Central Bank. Notwithstanding these factors have had multilateral impacts on the increase of the current level of inflation through the exchange rate of the ruble to other currencies such as dollar and euro, costs of domestic production and overall chaotic state of Russian economy, which is shown in details in this essay, the analysis provided is not comprehensive as it is based only on the three most global reasons. Therefore, in order to get full and complete understanding of the causes of the current inflation in Russia, a more complex investigation should be carried out. To put it differently, more opinions on this subject of different specialists in the macroeconomic sphere should be taken into account and the reasons stated above should be analysed more deeply.