Five crustose Stereocaulon species were found to occur in Russia, of which S. cephalocrustatum is reported here as new to Asia and Russia from Paramushir Island. Its identification is confirmed by the phylogenetic analysis using the nrITS locus. For each species, a brief description of its morphology, as well as information about its chemical composition, ecology, and distribution, are provided. Differences from similar species are discussed. It was found that presence of primitive cephalodia is not a reliable character for distinguishing species. The presence of crystalline granules in the exciple and epihymenium proved to be a highly reliable taxonomic marker, despite its application is limited by the availability of fertile specimens. A key to crustose species of the genus Stereocaulon known from Russia is provided. Keywords: Stereocaulon cephalocrustatum, distribution, phylogeny, secondary metabolites, taxonomy, Russian Far East.