The article considers the current problems of development of the agri-food market in modern Russia. It reveals the factors that determine the change in the ratio of consumption, production and supply in this market during the crisis, downward phases of the thirty-year transformation cycle of the Russian agrarian economy, as well as during the upward recovery phases of this cycle. The reasons leading to a change in the ratio of food production to food imports – the main sources of food supply on the Russian market – are analysed. The changes in the price environment in the agri-food markets of Russia and the world as a result of changes in the balance between consumption and supply dynamics are shown. The study examines changes in the agricultural sector of the economy and the country’s agri-food market in the conditions of the pandemic and the intensification of geo-economic problems and challenges. It is conducted both on the scale of the entire agri-food market and the markets of the main foodstuffs. The first consequences of the sanctions war declared on Russia for the development of the food situation are analysed, and the anti-sanctions measures taken by the government are considered.