Well, there is some good (possibly great) literature left in modern Russia still, names like Sosnora (both poetry & prose), etc.
Probably NOT Pelevin and Sorokin, who are in the good-not-great category, as S. rightly notes.
I myself am very curious about Mikhail Shishkin/Михаил Шишкин, whose name I have mentioned before on several occasions (specifically his novel Maidenhair/Венерин Волос). From what I've heard, he does completely new things in his prose, with the Russian language, the concept of plot/storytelling and character development.
I don't have much time to check him out at present but, you know, one of these days, ...
He also has a serious, pleasant face, I think: