It is a matter of common knowledge, that «core» 2'-5'-oligoadenylates and their analogues posses broader biological activity than it can be predicted within the traditional «interferon» hypothesis. They exhibit immunomodulatory effects and are effective immunosuppressive agents upon organ and tissue transplantation. Oligoadenylates render antiviral activity against a wide range of viruses both DNA and RNA origin. These drugs regulate apoptosis, cell proliferation and possess antitumor activity. Such polyvalent activity is based on their ability to bind signaling proteins, slightly altering their conformation and modulating their activity. They can also change the secondary structure of both viral DNA and RNA, making them accessible for enzymatic cleavage. The hypothesis forwarded within this review is aimed at making an attempt to explain the mechanism of 2'-5'-oligoadenylates antiviral action. Our recent papers, containing experimental data to support this hypothesis, are discussed in this review