Combining ideas from cultural studies, psychoanalysis, and literary criticism, this essay proposes an interdisciplinary approach to the emerging field of post-Soviet memory studies. Sociological polls demonstrate that approximately one-fourth of Russians remember that their relatives were victims of terror, yet the existing monuments, museums, and rituals are inadequate to commemorate these losses. In this economy of memory, ghosts and monsters become a prominent subject of post-Soviet culture. The incomplete work of mourning turns the unburied dead into the undead. Analyzing Russian novels and films of the last decade, Alexander Etkind emphasizes the radical distortions of history, semihuman creatures, fantastic cults, manipulations of the body, and circular time that occur in these fictional works. To account for these phenomena, Etkind coins the concept “magical historicism” and discusses its relation to the magical realism of postcolonial literatures. The memorial culture of magical historicism is not so much postmodern as it is, precisely, post-Soviet.