New Year is arguably the main holiday in the modern Russia. Its celebration is similar to Christmas celebration in the West, with some differences, and it does not have a religious part. Christmas in Russian Orthodoxy is celebrated according to the Julian calendar on January 7th.
For the New Year the feast starts anywhere from dinner time to right before the midnight and is intended as a farewell to the going year. At midnight family members and friends drink sparkling wine giving cheers to the coming year and then give presents to each other.
Ded Moroz (Granddaddy Frost), the Russian peer of Santa Claus, brings presents to the kids. Ded Moroz does not employ reindeer and elves. His vehicle is a sleigh driven by a troika of horses, and his helper is his granddaughter, Snegurochka (Snow Maiden). He does not put presents into the socks, he either simply puts them under the New Year Tree, or brings a big bag.
After giving presents people often go out, congratulating every neighbor or stranger they meet on the way. And/or stay at home and watch New Year themed shows and movies on TV.