Consider the Russian last name Тихонов (of a mathematician). The most common transliteration I have seen in English (mathematical literature) is Tychonoff, and the transliteration according to Finnish standards is Tihonov. Many other spelling variants exist in the Latin alphabet, as listed on the linked Wikipedia page. Transliterations tend to depend on the target language, and there are differences between languages using the same alphabet.
Is there a standard for transliterating Russian words — especially names — into Latin? There might be or have been several standards. I would prefer transliteration conventions used by native Russians well trained in Latin. I assume Latin proficiency was common in academic circles in Russia in the past, and I find it very hard to believe that there never was any Latin-speaking community in Russia without the need to transliterate local names or other words.
If the transliteration rules are too complicated to include in an answer, please give some examples (perhaps including my example name) and give a link to further details.