The article presents the results of the research «Development methodology of international institutions effectiveness assessment, analysis and assessment of the G8 effectiveness and possibility of different reform models for realization of Russia's foreign policy priorities during global governance system crisis» conducted within the State University - Higher School of Economics plan of fundamental studies. Functional analysis methodology is used to assess G8 effectiveness in realization of global governance functions, priorities, cooperation with multilateral institutions and mechanisms. Special attention is given to dynamics of Russia's role in the G8 and the G8 effectiveness in Russia's priorities realization. The paper examines the G8 and the G20 comparative effectiveness. The research is based on the specialized data base of the G7/G8 and the G20 documents issued from 1998 to 2009 and special programme for their analysis.
The reader describes various aspects of the international position of Russia and its policy in the beginning of the 21st century. The general problems of international relations in the present-day polycentric world are discussed.