Phonological and orthographic processing are reported to be among the strongest predictors of reading development across different Indo-European languages. The relative impact of these factors can be modulated by cross-linguistic script and orthographic differences, as evidenced by many studies in European languages. The present study investigates the effect of phonological and orthographic processing on reading speed in 6- to 12-year-old (1 – 5 grades) Russian-speaking children (N = 117), taking into account age as a factor as well. Phonological and orthographic processing were assessed with behavioral tests. The results revealed that both skills predict reading speed in Russian. Moreover, the age of young readers can also be a non-linguistic predictor of reading speed in Russian, especially in children between 6 and 10 years old. Children aged 10 to 12 also demonstrated some variability in reading speed, although an increase in reading speed was no longer observed.