If SpaceX gets their spacecraft to become reusable, they have announced formally that their price will ultimately be $7 million per launch of the Falcon 9... with an assurance that the payload to orbit will remain the same. BTW, that is 10 metric tons of stuff to LEO and about 5 metric tons to GEO. If all they get going is just the reuse of the 1st stage, it will still be about $40 million.
Russia can't be cheaper through reduced labor costs or economies of scale through mass production to get to these figures. You have the rocket equation that really stops you from doing much in terms of a substantially cheaper piece of unobtainium from which you could construct the rocket and real world physics starts to push back at any significant weight reduction that they haven't already done. At that $7 million per launch, it is starting to strain the raw material prices, which implies they could only compete if the launches were heavily subsidized as a national policy. I could see Russia trying to do that simply to maintain control of the launch market, but that isn't a realistic long term prospect if the launch industry really takes off due to these much lower prices to orbit.
The only thing they can do is once SpaceX gets a viable reusable rocket system going, RKK Energia is by necessity going to start their own reusable rocket program and try to duplicate the efforts that SpaceX has done so far. Arianespace and the Chinese Space Agency is also going to need to do this as well simply to stay in the commercial launch market... or give up that market completely to SpaceX and perhaps other American companies.