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The current assessments and characteristics of the Russian economy as a resource-based economy are analyzed. The impact of resource-based economic institutions on inequality is explored. Of particular relevance for a federal state is the analysis of mechanisms applied for levelling horizontal inequality in the regions with a declining production of raw materials (Tomsk oblast), with a growing mining industry (Komi Republic), and with a specific ethnic composition (the Republic of Tatarstan). The possibilities and the experience of these regions in alleviating inequality through innovation-based development is analyzed. A range of possibilities that local authorities at the level of federal subjects can realize in order to localize the effects of commodity-based economic development and attract stock market investment based on the the principle of manual control over economic processes is demonstrated. Key factors of influence and the negotiating power of regional authorities in different federal subject are identified. [ABSTRACT FROM AUTHOR]