The analysis of different approaches to agricultural land reallocation implemented in several countries leads to the proof that the current methods of preserving valuable agricultural land in Russia are not effective and that the cancellation of compensation of agricultural production losses had led to some negative consequences. The authors developed a new methodology of allocation and preservation of the most valuable agricultural land and carried out calculations of their areas in all federal districts of the European part of the Russian Federation, which includes the most part of arable land in the country. Based on that was developed a new approach to land reallocation and economic regulation of that process. © Published under licence by IOP Publishing Ltd.