The present paper contains the results of a review of economic instruments for water resources management in the Republic of Buryatia prepared under the OECD project “Improving the use of economic instruments for water management in the Republic of Buryatia (Lake Baikal basin)” and aimed at supporting the policy dialogue on water in Russia, in cooperation with the EU Water Initiative. Based on the analysis, some recommendations were developed for improving the use of instruments for water resources management in the Republic of Buryatia as a part of the Baikal Natural Area.