Tarakanov was a member of the senior Soviet national team from 1979 to 1990. As a player of the Soviet national team, Tarakanov won: 3 gold medals at FIBA EuroBasket (EuroBasket 1979, EuroBasket 1981, and EuroBasket 1985), the silver medal at EuroBasket 1987, the bronze medal at EuroBasket 1983, the gold medal at the 1982 FIBA World Championship, the silver medal at the 1986 FIBA World Championship, the gold medal at the 1988 Summer Olympic Games, and the bronze medal at the 1980 Summer Olympic Games.