Russian fascism is a socio-political movement that today claims to be a unifying and developing force for the whole of Eurasia. It is very important that Russian fascism was developing as a Eurasianist, continental nationalist thought, not Russian nationalist ideology. If so, why Eurasianism may be regarded as a form of Russian fascism? According to Eurasianist thinkers, Russia must play a crucial role in cultural, religious, spiritual and political unifying Eurasia. Russian fascism as a political movement emerged in the 1920s among Russian emigrants. Torn away from the homeland and, therefore, from the favourable social environment, where it could have turned into an influential and organised political force, Russian fascism disappeared after the end of World War II and remained in oblivion for a long time, without arousing any interest among Russian, Eurasian and other researchers up to the early 1990s. By this time, Russian ultra-right groups and organisations that had arisen during Perestroika, began to play a significant role in the political life of Russia. The collapse of the Soviet Union, perceived by many Russians as the greatest geopolitical and national catastrophe, as well as the subsequent deep economic crisis, into which Russia plunged for a whole decade, created favourable atmosphere for the revival of Russian fascism and its possible coming to power, mainly in the form of Eurasianism. It is not surprising, therefore, that since the 1990s, the interest of foreign and domestic researchers in the right-wing and ultra-right movements in Russian history and modernity is steadily growing. In the paper, I analyse different forms of Russian fascism of the 1920-1940s, the heyday of its development. Despite the presence of many branches and variations of Russian fascism, Eurasianism turned out to be the most original, influential and effective version of Russian fascism. I explain the reasons for that. Eurasianism emerged in 1920-1921, almost simultaneously with Western fascism, but independently of it. Subsequently, the Eurasian ideology underwent only minor influence from European fascism, mainly Italian. Nevertheless, the psychological, social, and intellectual roots of Eurasianism are the same as those of European fascism. Eurasian ideology had the intellectual origin common with European fascism. It was the heritage of G. F. W. Hegel, J. G. Fichte, F. W. Schelling, F.Nietzsche, O. Spengler. All five characteristic features isolated by Michael Mann, are present in Eurasianism. They are 1) “organic” nationalism, i.e. the idea of a nation as a single, integral “organism” that rejects everything alien; 2) radical etatism proceeding from the principle “everything in the state and nothing outside the state;” 3) transcendence as a desire to overcome the class struggle and reconcile it in the “class world;” 4) mass repression (cleansing) on an ethnic or political basis; and finally, 5) militarism as a specific form of mass mobilisation, mass organisation in the struggle for power as well as a benchmark in domestic and foreign policy. Eurasianists advanced new concepts of Eurasian super-nation and Eurasian nationalism. It was a useful thing that may have been opposed to the Marxist worldwide ideology of “proletarian internationalism.” The Eurasianists solved the most important task of national consolidation in the Russian polyethnic state most radically, by “melting” all ethnic identities into a single “Eurasian cauldron.” It was an opposition to the “collective West,” including US identity. Like the Italian fascists, the Eurasianists regarded the nation not as a “unity of blood,” but as a “unity of spirit,” i.e. as a socio-cultural phenomenon. In their understanding, a nation is the result of the socio-cultural convergence of various peoples united by a “common historical fate" within the boundaries of one Eurasian geographical “proximity.” The political ideal of Eurasianism, ideocracy, was a radical form of etatism. The power in Eurasia must belong to the “ruling minority” united by one ideology and membership in one party. Being the only one in Russian and ultimately in the whole the Eurasian space, this party should merge with the state apparatus and without it this apparatus would no longer function. Within the party, a “government asset” is allocated, that is subordinate to the leader with dictatorship powers. The power of the dictator must be based not on elections or inheritance, but on his “actual prestige.” Communication between the ruling layer of “ideocrats” and the population is carried out through state-controlled trade unions and public organisations, as well as through councils of deputies. The class principle of representation used in the Soviet Union by the Bolsheviks in the 1920s, was replaced by the Eurasianists with a “corporate” one, when deputy mandates are distributed according to quotas assigned to professional corporations and syndicates, where leading posts, and hence deputy mandates, must belong to members of the state-forming party It is easy to see that this project is hybrid, combining the form of councils taken from the Bolsheviks with the corporate principle of their formation borrowed from the Italian fascists. The totalitarian nature of this state system was so obvious that to denote it, the Eurasians had to invent a new term demotia, instead of democracy. We may easily see that this administrative model is very similar to what one can observe in modern Russia. It is not surprising, therefore, that some Russian political groups are so eager to lead the Eurasian integration with the future opposition to USA, Europe and Transatlantic Union. However, we must not forget that Eurasianism is a toxic right, sometimes ultra-right, trend of socio-political thought that is, in fact, a covert version of modern Russian fascism, genetically connected with European and Russian fascism of the 1920s-1940s. It may be exceptionally appealing for an increasing part of Russian electorate and political ideologists of Russian dominance in Eurasia. However, that does not make Eurasian utopia less dangerous for Eurasia.