The article presents the analysis of Russian Federation's central bank's legal status and some aspects of its functioning and also describes certain actions undertaken by the bank in recent years.

The starting point for the analysis are requirements towards the central banks included in The Maastricht Treaty and ESCB/ECB Statute.

The article discusses the following issues:

• legislated goals of bank's activity
• financing of budget deficit
• degree of independence
• democratic legitimization and responsibility.

Bank's independence is shown both from the point of view of political (institucional) independence and functional independence (the freedom of choosing instruments of monetary policy which are supposed to ensure the stability of prices in the country).

Discussed issues are regulated with details in The Maastricht Treaty and ESCB/ECB Statute - in the documents which define the model of central banking's functioning in EMU zone.