Since the dissolution of Soviet Union, Russian society has undergone historic change. Following the upheaval of the 1990s, the beginning of the 21st century was characterised by economic growth and stabilisation. This period of socioeconomic change has frequently been interpreted as the cradle of an emerging “middle class”, triggering the transition from a socialist to capitalist society. However, while some researchers find a fuzzy share of “middle class” in descriptive criteria, others question the applicability of the analytical category of “middle class” to contemporary Russian society on principle. Drawing from ongoing research in Moscow, this article scrutinises this conventional class ontology by pointing out the ambiguities of the socioeconomic dynamics, based mainly on qualitative ethnographic fieldwork. As a productive lens to reveal social dynamics, the article distinguishes between formalist and substantivist uses of the term “middle class”, thus implying that a new language is needed to reflect this distinction. Illustrating these arguments through two ethnographic examples, it aims to contribute to current anthropological debates about class and post-socialism.