DOES ETHNIC DIVERSITY AFFECT SOCIAL CAPITAL IN THE RUSSIAN CONTEXT? 4The research considers the impact of ethnic diversity on social capital in the Russian context. The theoretical study is based on Putnam's hypothesis related to the impact of ethnic diversity on social capital. The empirical basis of a representative survey was compiled in two multicultural regions of Russia (N = 2061). To assess the level of ethnic diversity an Ethnic Diversity Index (EDI) was calculated based on the results of the latest National Population Census. Data were processed using two-level structural equitation modelling. The results showed that ethnic diversity did not affect adversely the social capital of Russia, as assumed in Putnam's hypothesis. In particular, Russia's ethnic diversity positively influences ethnic tolerance and informal sociability and does not affect social trust and community organizational life. The article also suggests reasons for these results.JEL Classification: D85, Z13