An American specialist on Russian environmental problems assesses the post-Soviet situation of Russia's zapovedniki (nature reserve) system. Attention is focused on the 19 new reserves that have been created in the 1992-1996 period, which cover a combined 10,171,000 ha. The main characteristics of these new reserves is reviewed, with special attention given to the adequacy of their location vis-a-vis natural zones and endangered species distribution in Russia. The main spatial, fiscal, and biotic trends characterizing Russian zapovedniki in the 1990s are noted, and recent initiatives to cope with a variety of problems currently besetting the system are critically reviewed. Journal of Economic Literature, Classification Numbers: Q24, Q26. 3 figures, 6 tables, 42 references.