COVID-19, followed by unprecedented sanctions and the Special Military Operation, has had an impact on all processes taking place within the borders of the Russian Federation. While the long-term consequences are still unclear, it is possible to draw cautious conclusions about the direction of some of these processes. These include the economic and social development trends in Russian regions. In an attempt to overcome the negative consequences of COVID-19 and sanctions, the Russian government has provided assistance to the regions through two strategies. In response to the pandemic, the government has focused on supporting the social sector. By helping to overcome the negative consequences of economic sanctions, we are increasing the economic activity of enterprises that are providing import substitution and fulfilling government orders to support the Special Military Operation. These two policies, which have different objectives, have had different effects on the socio-economic processes occurring at the regional level. The article attempts to provide an author’s description of these processes, to show their impact on the direction of state regional policy, and to group the tasks that need to be addressed in order to implement the requirements of regional policy in the new economic realities, including financial control and audit of expenditures from the federal budget.