The purpose of this paper is to assess the current situation in higher education in Russia concerning the principal risks affecting its quality. The survey, the expert survey and secondary data analysis were carried out to determine the risks. The study was conducted in three universities of Ural Federal District (UFD) with the sample more than 1,500 people. As a result the main risk factor was determines - it's a non-systemic reform of higher education, primarily affects the quality of educational services. Other systemic risks are financial and economic, juristic, organizational and management, social. As it was admitted, "The Russia isn't integrated into the global educational system - there is no common system of qualifications from other countries, including the European Union"[Bannykh, 2012]. More specific risks, such as the lack of synergies from the integration of universities, reduction of the number of teaching staff, reducing the quality of the educational training of graduates, formalization and bureaucratization of the educational process, the educational monopoly, ignoring national and cultural traditions, also influence on the system.