On the Day of the Dormition of the Mother of God, a religious holiday, the icon of Dormition—believed to work miracles—is carried from the Dormition Church and walked around the Petseri Monastery. Believers who follow the procession will be blessed by the priests.

This Russian Orthodox religious celebration is also an important event for Setos, who follow both pagan and Orthodox belief systems (and are thus sometimes called "half-believers" by the Orthodox faithful). Many Setos come from Estonia to celebrate, crossing a border that was not enforced until after the collapse of the Soviet Union.