In the present paper we assess the role of protected areas of Republic of Karelia within Green Belt of Fennoscandia (GBF) in conserving nationally and regionally red-listed species of lichens and allied fungi. Protected areas of the GBF are known to harbour 80 of the 109 regionally red-listed lichen spe-cies, and 18 such species occur in GBF protected areas only. The seminal role of the proposed Ladoga Skerries National Park in conservation of the red-listed lichen species is demonstrated, proving the need its urgent designation.