Аннотация:ABSTRACT Psychologists working in Russia's cities have found it both desirable and profitable to offer “psychological education” to the children of the elite. I examine two characterizations of this work—as a form of neoliberal subjectivation and as a post‐Soviet project focused on progressive sociopolitical reform. Exploring the tensions between them illuminates the historical specificity of self‐work in Russia, its relation to commerce and biopolitics, and its political ambiguity. I conclude that studies of governmentality that attend to both subjectivation as an ethical practice and social history can effectively render capitalist complicity and ordinary ethics in the same frame.