The paper aims to substantiate the role of historical memory in formation of a certain economic culture that determines the specific nature of economic institutions in a multilanguage and multicultural society. Methodological background of research is based on neoinstitutional and civilizational approaches. Because of the chosen methodology, we study the economic institutions as the structures which include norms, traditions and thinking patterns (specific to a particular culture). It is justified that cultural factors related to confessional views, ethnic customs, political and economic traditions determine development, dynamics and structure of economic institutions of Russian society. It is also found that the failures of Russian economic modernization are largely due to underestimation of its civilizational specifics, multiculturalism and economic diversity.