Networks of dry valleys (or balkas) and hollows in the upper reaches of fluvial basins in extraglacial areas in the Penultimate Glaciation (Marine Isotope Stage 6—MIS 6) regions of the East European Plain demonstrate clear incision/aggradation rhythms corresponding to global glacial/interglacial climate cycles. The first phase of each incision/aggradation rhythm began after the global glacial maximum and was characterized by a cool and humid climate, permafrost and sparse vegetation, when high surface runoff and active linear erosion formed a dense network of gullies. The second phase occurred at the glacial–interglacial transition and the subsequent interglacial period with its warm and humid climate and dense vegetation. This phase was distinguished by the partial filling of fluvial forms with slopewash deposits, the transformation of gullies into dry valleys (balkas) and the subsequent stabilization of fluvial forms marked by the formation of mature soils on the sides and bottoms of balkas. The third phase of the rapid accumulation of balkas developed during the cold and dry part of the next glacial epoch, resulting in the balkas becoming shallow hollows filled in with sediments. The last full incision/aggradation rhythm occurred in the late MIS 6 to mid-MIS 2. The erosion network formed during the late MIS 6 was almost completely filled by mid-MIS 2, and its manifestation in the modern topography is limited to a network of shallow hollows in the upper parts of the fluvial systems. The modern (incomplete) incision/aggradation rhythm began in the late MIS 2 and caused the formation of the modern erosion landscape in the upper reaches of fluvial systems. This rhythm is now in the stabilization phase, and the main accumulation phase of this rhythm is still far in the future.