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The relevance of the study is conditioned by such directions, which in the last few years have a significant impact on the level of innovative development of regional socio-economic systems, as well as the need for analysis, which allows timely identification of factors that negatively affect regional systems. The level of uneven development of the constituent entities of the Russian Federation has been assessed, considering historical traditions, which have a significant impact on economic potential and interrelations with international communities in the context of the regional policy of the state. In this regard, the topic of the study is aimed at analyzing the current situation and trends in the field of innovative development of Russia’s regional economic systems. The essence of the conducted research is reduced to the study of materials of economists who considered the ways and mechanisms of analysis of the current situation and trends in the field of innovative development of the country’s regional economic systems, considering the level of development of the constituent entities’ economy, which in recent years is modernizing even in the conditions of severe restrictions and imposed sanctions. The regional socio-economic systems and various methods of its realization have been assessed.

Empirical analyses of income and wealth inequality often face the difficulty that the observations are heterogeneous, heavy-tailed, or correlated in some unknown fashion. This article focuses on applications of the recently developed computationally simple t-statistic based robust inference approach to the analysis of inequality. Two regions can be compared in terms of inequality as follows: the data in the samples relating to the two regions are partitioned into small numbers of groups, and the chosen inequality index/measure is estimated for each group. Inference is then based on standard t-tests with the resulting group estimators. The t-statistic based approach results in valid inference, as long as the group estimators of the inequality index are asymptotically independent, unbiased, and Gaussian, possibly with different variances. These conditions are typically satisfied in empirical applications. The presented method complements and compares favorably with other approaches to inference on inequality. We apply this approach to examine income inequality across Russian regions. Our analysis reveals that income distribution in Russia is notably heavy-tailed, with most regions exhibiting higher levels of inequality compared to Moscow. Robust comparisons of this type offer a good foundation for evaluating and shaping regional policies aimed at addressing income disparities. [ABSTRACT FROM AUTHOR]

This paper explores the perceived resilience of russia’s economy under severe sanctions, investigating the potential falsification of economic data to demonstrate the growth. The hypothesis is that the relationship between the official inflation rate and the FMCG deflator index during 2019–2021 significantly differs from that of 2022–2024. Statistical methods, such as correlation analysis, Granger causality tests, and differences tests (e.g., t-tests and Wilcoxon tests), are used along with vector autoregressive (VAR) models and robust linear regressions. The study covers the pre-invasion period (2019–2021) and the post-invasion period (2022–2024), focusing on indicators like the official inflation rate, inflation expectations, CPI, and the FMCG deflator index. Findings reveal a shift from a direct to an inverse correlation between official inflation and the FMCG deflator post-2022, suggesting data manipulation. Pre-2022 models predict inflation 2-3 times higher than both post-2022 models and official statistics, raising concerns about the reliability of russia’s economic data. Further research should explore indirect metrics, such as electricity production and cargo shipments, for additional evidence of data falsification. AcknowledgmentsAlex Plastun gratefully acknowledges financial support from the New Europe College (NEC), the Center for Advanced Study, and Sumy State University.Anna Vorontsova gratefully acknowledges financial support from Sumy State University.

The article examines the problem of structural and technological development of the Russian economy in conditions of an unfavorable external environment. In the context of the digital transformation of the economy at the micro level, several areas of the structural and technological development can be distinguished: generation of new business, accelerated development of successful (growing) enterprises, transition to restarting growth of enterprises that have been showing declining sales for a long time. The purpose of the work is to study the restarting growth of firms. The article assesses its economic results and also explores the influence of the entrepreneurial factor on the transition of enterprises to the restarting growth. The full sample consists of 2 918 enterprises that have been demonstrating a decline in revenue for a long time. This sample has been divided into groups of organisations that show and do not show the restarting growth. Using economic and mathematical methods, we have assessed the rate of revenue growth and examined the influence of the enterprise manager’s personality on the transition to the growth in the context of formed groups of companies. The paper has found that firms with the restarting growth show high rates of revenue growth that exceed its decline during the problematic period. The best results are demonstrated by a group of enterprises with the long-term rapid growth. Consequently, enterprises with the restarting growth can be considered as one of the options for the structural and technological development of the Russian economy along with the generation of new firms and development of growing enterprises. It has been proven that one of the growth factors is human capital, namely the head of the organization (entrepreneurial factor). Manager replacement has occurred more frequently in the group of enterprises with the long-term restarting growth compared to the group of enterprises that have not shown it. We believe that new leaders have initiated processes of digital and technological transformation of the business that lead to long-term growth.

Natural resources are an important factor in economic growth. Economic decisions should be made taking into account the specific features of their reproduction and thoroughly integrate this factor into economic models. This requires developing a methodology for estimating and forecasting the reproduction of natural resource reserves. The article analyzes the experience of building various macroeconomic and intersectoral economic-environmental models that take into account natural resources. An approach to the synthesis of methods for geological and economic assessment of natural resources, in particular, hydrocarbons involving the methodology of dynamic input–output balance is proposed. This approach makes it possible to forecast the development of the Russian economy taking into account the interrelation between the reproduction of natural resource reserves in terms of hydrocarbons and the reproduction of gross output at the macro- and intersectoral levels. [ABSTRACT FROM AUTHOR]

The relevance of the study is conditioned by the fact that in recent years the level of regional socio-economic systems development has been significantly affected by various negative factors, and it is necessary to carry out an operational analysis that will help to identify them in a timely manner. Uneven development of regions is characteristic of many countries and is determined by the peculiarities of historical traditions, current economic potential and interrelations with international communities, as well as by state regional policy. The level of innovative development and society digitalization creates conditions for the transition of Russia from a resource-based economy to an investment and innovation economy in order to improve and maintain competitiveness. As a result of the research and study of the scientists’ materials, who have investigated the ways and mechanisms of analyzing regional socio-economic systems formation and development, as well as their impact on the Russian economy development, which at the present stage is reaching a new level in the conditions of sanctions, we have conducted an assessment of regional socio-economic systems and various methods of its implementation.

The study’s relevance is due to the need to identify the scale and channels of the spread of crises in the economy based on the use of the financial contagion methodology. Understanding the mechanism of spreading financial contagion from one industry to another can help develop anti-crisis measures and ensure stable economic indicators. The purpose of the study is to assess the intersectoral financial contagion in the Russian economy during the spread of the coronacrisis, as well as to correlate the estimates obtained with the actual incidence of COVID‑19 in the Russian Federation. The novelty of the research lies in the development of the methodology of financial contagion and its use in relation to sectors of the Russian economy, where they are considered transmitters and/or receivers of financial contagion. The methodology of advanced correlation analysis was used — the Forbes-Rigobon sliding test was implemented, which made it possible to assess the scale and intensity of financial contagion in the Russian economy. We used high-frequency data on 8 MICEX industry indices and on the incidence of COVID‑19 in the period 2020–2021. The result was quantitative assessments of financial contagion, which showed that such industries as metallurgy, oil and gas sector, consumer sector, electric power industry had the highest susceptibility to financial contagion. Telecommunications, the financial sector, chemicals and petrochemicals, and transport have demonstrated resistance to the pandemic shock. The most powerful transmitters of financial contagion were the electric power industry, metallurgy, transport, and the financial sector. In general, the financial contagion in 2020–2021 between the sectors of the Russian economy spread unevenly, in some cases and in certain periods, the ups and downs of financial infectivity went in parallel with the ups and downs of the real incidence of COVID‑19. The main conclusion was that during the pandemic, financial contagion spread with varying intensity, and individual industries manifested themselves either as receivers or transmitters of financial contagion. At the same time, there was no large-scale financial infection of the sectors of the Russian economy.

The purpose of the study is to analyse the state and directions of development of foreign economic cooperation between the Russian Federation and the People's Republic of China in conditions of growing macroeconomic instability. During the study, the following tasks were set and solved: the prerequisites for the formation and content of the global foreign economic initiative 'One Belt, One Road' (OBOR) were analysed (Belt and Road Initiative [BRI]), as well as Russia's participation in the implementation of transnational infrastructure projects; the advantages and risks of implementing the strategic initiative 'BRI' for the state of the economy of Russia and China have been identified; an analysis of the dynamics of indicators of trade and economic cooperation between the Russian Federation and the People's Republic of China was carried out; the main directions of development of Russian–Chinese foreign economic relations have been identified. It was determined that the sanctions restrictions imposed on Russia by a number of unfriendly states confirmed the validity of the decision on the need to expand foreign economic contacts with China. Dynamics of indicators of trade, economic and investment cooperation between Russia and China in the period from 2013 to 2023 indicates the steady growth of its indicators and the mutually beneficial nature of interstate relations. The analysis showed that the prospects for trade and economic cooperation between Russia and China within the framework of the strategic initiative 'OBOR' are determined by the projected sustainable growth rates of macroeconomic indicators of the participating countries, as well as the effectiveness of foreign economic policy instruments. [ABSTRACT FROM AUTHOR]

The article presents the results of the calculation of dynamic multipliers produced by an increase in public spending in various industries of the Russian economy. The calculations are based on a dynamic input–output model for 72 industries with distributed construction lags. Dynamic multipliers are defined as the ratio of the increase in the gross output of the national economy in the forecast version with an increase in investment or noninvestment spending relative to its value in the version without such an increase to the increase in the corresponding costs. The calculations are performed for the period 2023–2032. It is shown that for investment spending the dynamic multipliers are positive and 2.5–3 times higher than the corresponding static ones for all industries. For noninvestment and total spending, the multipliers are positive for most industries and negative for some. It is also shown that dynamic investment multipliers increase every year, but the growth rate of that increase slows down. The structure of dynamic multiplier effects is considered with a breakdown by sections of the economy corresponding to industrial consumption and to household final consumption. Calculation of dynamic multipliers enables assessment of not only short-term effects of investments, but also accumulated effects of deployment of fixed assets over several years. [ABSTRACT FROM AUTHOR]

The article deals with the prospects of economic use of algae resources, which have unique biochemical properties and are valuable raw materials for many areas of industrial activity. The relevance of this topic is due to the fact that, despite the high adaptive capacity and almost ubiquitous distribution of algal resources, their economic potential is not fully realized, and this area of the economy is very promising for scientific research. Analysis of available literature showed that in spite of obvious perspectives of expanding sphere of algae resources use, Russian businessmen still leave without proper attention possibilities of algae use as raw material for different industrial processes. At the same time, the Far Eastern and Northern sea areas with particularly rich reserves of algae resources, which are very promising from the point of view of their economic development, have now been identified. The examples presented in this paper demonstrate the high potential prospects for expanding the economic use of algae resources in Russia.

In this article, we will examine the role of the digital ruble in the context of Russia’s economic development. We will analyze the key aspects of the introduction of digital currency, its impact on the financial system and the business sector, and highlight the potential benefits and challenges associated with this innovation. Undoubtedly, the emergence of a new instrument in the economy will have a significant impact on domestic and foreign markets. Adaptation of the economy will take place gradually, and settlement participants will need to get used to the new instrument. We can already say that it will take at least two or three years for market participants to get used to the new instrument and for the regulator to make the necessary improvements to the new instrument. Also in the next few years it will certainly be necessary to adapt the legislative base to the new instrument. Of course, the existing legal framework allows to conduct operations with the new instrument, but in the next few years, during the adaptation period, it will be necessary to make the necessary changes and clarifications. We will separately consider the business sector. In the first stages, the business sector will be the first participants who will be able to assess the full potential of the new financial instrument. Already now, the regulator allows the business sector to significantly save its own funds thanks to the reduced commission fee for each payment. Thus, the business sector will be able to use not only the new instrument, but also to save money.

In this article we will review the legislative basis of the digital ruble platform, as well as analyze the key aspects of the implementation of the legislative initiative of the digital currency, highlight the potential benefits and challenges associated with this innovation. The emergence of a new instrument in the economy will certainly have a significant impact on domestic and foreign markets, as well as entail changes in the legislation of the Russian Federation. The adaptation of the economy and the legal framework will take place gradually, and participants in digital ruble settlements will need to get used to the new. It is already worth noting that it will take at least two to three years for market participants to get used to the new instrument and for the regulator to make the necessary adjustments to the new instrument. In the next few years it will be necessary to adapt and improve the legislative base for the new instrument. The existing legislative base does not fully allow to carry out operations with the new instrument, in the next few years, it will be necessary to make the necessary changes to the current legislation of the Russian Federation, as well as to adopt new draft laws. In this paper we will consider the business sector, which in the first stages will be the first participants who will be able to assess the full possible potential of the new financial instrument and propose new draft laws to improve the regulation of the digital ruble. It is worth noting that the business sector is already actively proposing new bills to improve the digital ruble platform, as well as pointing out gaps in the legislative framework related to the regulation of the digital ruble. Thus, the business sector will play a crucial role in finalizing the legislative platform to regulate the digital ruble in the Russian Federation.

In the current severe political and economic situation, Russia radically needs revising its development strategy, finding truly reliable and long-term partners. Among the most preferred counterparts for building long-term mutually beneficial relations are the Islamic states, which prefer to use a financial model complaint with their confessional principles. The Islamic financial model is relevant for Russia not only as a tool to attract Islamic investments, but also as a framework for building strong relations with most solid partners. Despite the fact that the Islamic financial model is criticized from the inside, and not devoid of certain shortcomings, the principles laid down in it will be able to ensure the even development of the economy and reduce social tensions through a fair redistribution of income. This article tells about the development of Islamic finance in the world and in Russia.

The Russian federal and consolidated government budgets accrue large revenues directly from oil and natural gas, mostly from royalties and export fees. We use Russian Input-Output tables and other economic statistics to estimate how much revenue flowed to these budgets indirectly due to government spending of direct revenues in 2016–21. Although the addition of indirect revenues to the federal budget is modest (8–10 Russian rubles per 100 rubles spent), the corresponding increase in consolidated budget is quite sizable (26–30 rubles per 100 rubles spent). Given the high degree of political and economic centralization in Russia, the impact on the consolidated budget is more important than the impact on the federal budget. In addition, we speculate about the changing role of oil and natural gas budget revenues in the current environment and the near future. [ABSTRACT FROM AUTHOR]

At the moment, the first phase of the military confrontation between Russia and Ukraine, which began in February 2022, is reaching its logical end: A certain front line has already been established and the economic state in which the countries are is becoming clearer. That is why the evaluation and forecasting of the military, economic and demographic impact of the war on other countries become relevant. This work examines what losses Russia received due to its actions. In the article, the authors examine the issue of the impact of the war in Ukraine on the Russian economy, as well as a retrospective forecast of the impact of Russia's military operations on its national economy. Attention is focused on military and demographic aspects, as well as on the results of the impact of various types of sanctions. The main method that was used in the work can be considered modelling; however, in addition to it, analysis, historical method, graphic and others were also used. The practical results of the analysis showed that the government of the Russian Federation announced the transition to a command mobilisation economy, and today its first consequences are already visible in the form of rising prices and devaluation of the national currency. In addition, it was shown that despite the large number of sanctions imposed on Russia, the country has not yet felt the full consequences. The issue of how the defence economy of the Russian Federation is developing, how the military budget of Russia has changed over the past 11 years, and how the war in Ukraine affected the demographic situation has been examined. In the section on the impact of the war on the economy of the Russian Federation, it is shown that modernised production and industries will suffer the most from such actions, which will lead to a powerful technological lag. The article brings new knowledge for understanding the current functioning of the Russian economy and in the near future, as well as for making assessments of the possible future course of the war. JEL: H56, N4, J11, R11 [ABSTRACT FROM AUTHOR]

This article aims to place the issue of economic benefits obtained by Russia by military intervention in Syria in the larger perspective of its role as a global player shaping Middle East affairs. The essay aims to answer the following question: How much have Russia's economic interests been impacted by its military involvement in Syria? Russian objectives in Syria extend beyond its geostrategic location to encompass national interests in various strategic areas, particularly maintaining its economic power and bolstering its worldwide influence in Middle Eastern politics. The article will explore the additional advantages that contributed to the expansion of Russian commercial ties in the region, beyond Syria's geostrategic location. This article assumes that Russia is steadily investing in building its influence and creating geo-economic dynamics to boost its economic national interests. The study examines how Russia has been translating its military participation into economic benefits across several sectors, including arms transactions, oil businesses, economic networking, trade facilitation, and resilience. The paper will rely on signed contracts, official papers, reports, menus, speeches, press releases, declaratory statements, and reports on official visits as primary data. This article focuses on the political economy of Russian military involvement in the Syrian crisis to provide detailed insights. [ABSTRACT FROM AUTHOR]

In this article the author draws on materials including government policies, corporate and media reports, and analysis of industry trends, to describe the development of Russia's gold industry since 2000. The growth of the sector exemplifies the Putin administration's determination to increase production and exports in the natural resource sectors, and offers further evidence of how Russia's 'limited access' system of political economy functions. The author then examines how the industry has responded to Western pressure since the invasion of Ukraine in February 2022. This provides insight in to how the sector is faring, how it is re-orienting to non-European markets, and the practical measures corporations have taken to evade sanctions and find new suppliers. The author argues that if this industry, and other metals and mining industries, can succeed in these efforts, they will provide a boost to Russia's effort to sure up essential export revenues. [ABSTRACT FROM AUTHOR]

This study is dedicated to the analysis of the Russian economy under conditions of the sanctions and digitalization. The article assesses the main economic indicators that characterize the Russian regional economy development under conditions of the sanctions, as well as gross regional product indicator assessment based on data from Rosstat and the Ministry of Economic Development of the Russian Federation. The purpose of the research is to study gross regional product, digitalization in the Russian regions, and the impact of sanctions imposed by foreign countries on them. On the basis of the study ways of the Russian economy further development and digitalization in the Russian regions have been considered. Analytical materials on the issue have been studied resulting in the conclusion that, despite the negative impact of existing restrictions, the growth of the Russian economy should be expected in the future.

The paper examines the relationship between financial and industrial stresses in the Russian economy in 2006–2019, mediated by the monetary policy of the state. Stress indices are constructed on the basi of a number of financial market and industrial sector indicators of the Russian economy. These variables are aggregated using the principal component analysis. Stress indices are calculated as the moving difference between the standard deviation and the mean value of the first principal component. The graphical and correlation analysis confirms that industrial stress in the Russian economy grows during financial crises, accompanied by an increase in credit interest rates (including the key rate) and the scale of refinancing of credit institutions by the Bank of Russia. Based on the construction of ARDL models, we obtained convincing evidence of the positive impact of both a short-term increase in the key interest rate and a longer increase in the scale of refinancing of credit institutions by the Bank of Russia on the reduction of financial and industrial stresses in the Russian economy, which, however, appears in different time intervals. We concluded that the combined management of industrial and financial stresses, taking into account their interaction and sensitivity to different instruments, requires the search for the optimal combination of monetary regulation methods. The results obtained may be useful in conducting a prudent monetary policy in periods of financial instability.

Objective: to determine the vector of changes for Russia’s recovery from the crisis and transformation of the innovation model in the context of trends of the 4th scientific and technological revolution. To this end, it is necessary to identify internal systemic problems that have worsened under the influence of sanctions and hinder the country’s scientific and technological development.Methods: the system analysis of phenomena and processes in the scientific, technological and socio-economic spheres is based on the methodological approach by Academician D. S. Lvov to the study of Russia under reforms as a precursor of the systemic economic paradigm developed under the guidance of G. B. Kleyner, a corresponding member of the Russian Academy of Sciences.Results: a decline in the economy, science and social sphere has been revealed, as was predicted by Academician D. S. Lvov, in case the problems of the transition period are not solved. The essential obstacles are revealed, which hinder both the country leaving the bifurcation point and economic growth based on intellectual factors and advanced technologies. Statistics are presented demonstrating the obsolescence of industrial equipment, the reduced investment in the knowledge economy, the stagnation of innovative activity of organizations, and the worsening social imbalances. Based on the analysis results, the conclusions of D. S. Lvov and other scientists and specialists, guidelines are proposed for changing the model of scientific and technological development; the leading directions for changing the state policy are given. Conclusions and recommendations refer to the fundamental factors not only of the model of scientific and technological development, but also of the economic model as a whole.Scientific novelty: consists in a new format of an approach to the formulation of the problem of scientific and technological development of the Russian Federation and its solution through the prism of D. S. Lvov’s scientific heritage. Provisions of his teaching are actualized and their relevance for contemporary еconomy is substantiated in relation to identifying a crisis situation similar to the current one in scale and influence, as well as to determining the ways out of the crisis.Practical significance: the results of the study can become the basis for expanding the system of knowledge within the problem of scientific and technological development, as well as be used in the practical activities of public authorities to develop solutions for crisis management of the economy.

Imports and exports are fundamental to the economy: they permit the redistribution of resources for maximum profit, by the sale and purchase of specific materials and products. Recent events such as the special military operation, stiffening of sanctions, and the embargo on Russian oil and petroleum products—have stimulated interest in parallel (or gray) imports, which have begun to play a considerable role in Russia's external economic policy and in the state's overall economy. The present study analyzes the impact of parallel imports on the Russian economy, identifies the weak and strong points of the policy, and offers remedies appropriate to the current economic situation. [ABSTRACT FROM AUTHOR]

This article is devoted to the study of the essence and main meaning of the Delphi method, developed in the 50s of the 20th century in the United States. In those years, this method was used to identify the impact of scientific and technological progress in matters of a military nature. Now, the Delphi method is universal and can be applied in any branch of activity, which increases its relevance. In addition, we have studied the main advantages and disadvantages of using this method at the level of world experience. We also considered the problems of using the Delphi method at the level of the Russian economy. [ABSTRACT FROM AUTHOR]

The beginning of the Russian-Ukrainian conflict, like any conflict of such proportions in the past, caused a significant disruption of international, financial, monetary and trade flows, primarily due to the sanctions imposed by the collective West on the Russian economy and the imposed ban on the import of energy, grains and other products of Russian origin. Although, based on analyzes and expectations, many Western economists and creators of the sanctions claimed that they will cause damage to the Russian economy, and they will not cause macroeconomic destabilization of the European economy, that is, they will only contribute to the reduction of export revenues in the Russian federal budget, and thus will indirectly imply the curtailment of the funds for financing the war and a quick end to it, but the sanctions caused the opposite effect as a rapid increase in the stock prices of oil, oil derivatives and basic grains was observed. The new situation on the world stock markets has a significant impact on a large number of countries, including the Eurozone, as an optimal currency area and an economy dependent on the import of Russian cheap energy, life and agricultural fertilizers, which according to a large number of studies are included in a crucial condition for rapid economic growth and maintenance of macroeconomic stability, to reduce with high inflation rates, budget deficit, growth of public borrowing and management of the euro in relation to the US dollar. The focus of this paper is the historical overview of the change in the value of the euro in relation to the US dollar and the effect of the same on the flow of trade between the Eurozone and the USA as the largest trading partner and the identification and analysis of the key internal and external factors that caused the depreciation of the euro to the extent that in a certain period the US dollar is more expensive in relation to the euro, which further destabilizes macroeconomic parameters. Consequently, the paper provides an answer to the question related to the reflection of the Russian-Ukrainian conflict on the fall in the value of the euro and the significance of the transmission channels of the same within the international financial and trade system, with special reference on relations between the Eurozone and the USA. The empirical research is conducted using secondary data from relevant institutions such as Eurostat and European commission reports, International Monetary Fund (IMF), World Bank and World Trade Organization (WTO). The research consists of descriptive statistics, correlation analysis and regression analysis using the method of ordinary least squares (OLS). [ABSTRACT FROM AUTHOR]

The prevailing geopolitical conditions, characterized by Russia's reorientation away from the West and India's steadfast pursuit of an independent foreign and economic policy, present a distinctive prospect for Russia and India to enhance their trade and investment collaboration to a heightened level. Despite the existence of a Special and Privileged Strategic Partnership between the two nations, the volume of bilateral trade and mutual investments has long remained insufficient in comparison to their political ties. Nevertheless, the trade volume between Russia and India is now experiencing rapid growth due to the significant increase in exports of energy, fertilizers, iron and steel, wood products, vegetable and animal oils from Russia to India. This article not only examines this phenomenon but also assesses the necessary conditions to address India's escalating trade deficit with Russia. These prerequisites encompass the expansion of the manufacturing sector in India, the rise in purchasing power of the Indian middle class, and the accelerated development of digitization in both India and Russia. The Indian economy has been notably stimulated by key governmental initiatives led by Narendra Modi, such as "Atmanirbhar Bharat" (or "Self-Reliant India"), "Make in India," "Skill India," and "Startup India," all of which prioritize digital transformation. Russian entrepreneurs demonstrate a keen interest in India's market trends and swiftly adapt to India's evolving demands and capabilities. Similarly, Indian business circles exhibit a growing inclination to acquire knowledge about contemporary Russia. This realignment presents an opportunity to expand trade beyond conventional goods and establish new investment connections between the two countries.

The relevance of the paper is defined by significant impact of financial shocks on various sectors of the Russian economy, which undermines the stability of the country’s economic system. Therefore, it is essential to study the sources of financial shocks, the mechanisms of their distribution and ways to manage them. The purpose of the paper is to specify the impact of financial stress on industrial stress in the Russian economy and to determine the role of monetary policy in their interaction. The novelty of the research consists in the development of a methodology for constructing financial and industrial stress indices, the establishment of the mechanism of their interaction under different monetary regimes of the central bank. The construction of stress indices is carried out on the basis of the selected indicators of the financial market and industrial sector of the economy, the use of the principal component analysis for their aggregation, and mathematical transformation of the first principal component. The direction of interaction between financial and industrial stress in the Russian economy is determined using the Granger causality test. The construction of autoregressive distributed lag models (ARDL models) allows estimating the impact of financial stress, as well as monetary policy parameters (the scale of lending by the central bank to commercial banks and the deviation of the central bank’s key rate from the market rate borrowing) on industrial stress in the Russian economy. The research results in estimates of the strength of the relationship between financial and industrial stress in the Russian economy in two periods: before the change in the monetary regime (2006 — end of 2014) and after the change in the monetary regime (end of 2014–2019). It is concluded that in the first period the impact of financial stress on industrial stress was faster and stronger. In the second period, the weakening and distancing of this influence in time is explained by the change of the monetary regime of the Bank of Russia, which indicates an increase in the effectiveness of the monetary policy instruments of the Bank of Russia to counter “financial contagion” of the industrial sector.

The Soviet experience of economic management was formed taking into account the experience of the American and European industrial management of the industrial revolution of the late 19th century. In turn, the Soviet model became the subject of close analysis in the West by the end of the second five-year plan. Contrary to the general consensus, attention was drawn not only to the question of the depth of the market, but also to the ratio of territorial and sectoral administration.

Purpose: of the work is to study the main aspects of Russian import substitution in the context of modern political transformations. Methods: the work uses a systematic approach, the induction-deduction method, the method of assessments and scientific abstractions, the method of classification and systematization, the methods of information analysis and synthesis, the statistical method and the method of data visualization.Results: the author's definition of the term "import substitution" is revealed, which differs from the rest by focusing on the production of innovative and high-tech products both in the domestic and foreign markets with the full support of the state. The problematic issues hindering the development of import substitution processes and reducing the effectiveness of this process in the Russian Federation are identified, which can be overcome and solved if we take into account the world experience of successful import substitution and analyze the indicators of the innovation policy of the Russian economy over the past few years. The key features of import substitution as an economic process are highlighted using statistical information on the share of high-tech products of knowledge-intensive industries in the country's GDP under sanctions. The problems hindering the development and reducing the effectiveness of import substitution processes in the Russian Federation are also disclosed, as well as ways to solve them based on world practice are substantiated. Possible trajectories of the state policy for the development of import substitution have been identified.Conclusions and Relevance: the essence of import substitution should take into account both socio-economic and political factors, which will allow the state to develop steadily in the economic and industrial spheres. Measures to increase the competitiveness of products produced on the domestic market can be the modernization of the technological base of an industrial enterprise, an increase in its efficiency indicators and an emphasis on the production of goods that can withstand healthy competition and have increased added value. When implementing the import substitution policy, it is necessary to improve the industrial complex of Russia and transition to an innovative type of economic development model.

The study of crises is one of the most important areas of economic science. Sanctions against Russia in 2022 have led to significant functional and structural shifts in the national economy. Effective anti-crisis management in crisis conditions becomes one of the main directions of its overcoming in Russian economy. The issues of improving the mechanism of crisis management at the present historical stage are actualised. The purpose is study of anti-crisis management methods for the development of an effective anti-crisis mechanism. Objectives is to study the existing methods of anti-crisis management in the light of international experience. The authors used methods of analysis, synthesis and comparison, and abstract-logical method in the research. The analytical method of information processing, synthesis and deduction of theoretical aspects of the concept of crisis and crisis management was carried out. A study of methods of crisis management, considering international experience, systematization and analysis of existing principles of state crisis management of the economy was carried out. The content and role of modern methods of crisis management deserves special attention. In the context of the sanctions announced against Russia, it is necessary to develop more advanced approaches to crisis management. The model of the anti-crisis mechanism for building an effective management system in the country’s economy is considered.

Introduction. In the modern world, the introduction of innovations is becoming one of the main ways of economic development of both organizations and states. In this regard, the process of switching Russian economy to the innovative way of development acquires special importance. Still in 2011, the Government approved the Strategy for Innovative Development of Russia until 2020: it formulates the goals of the country’s long-term development and indicators that characterize their implementation. Import substitution was identifi ed as one of the key factors contributing to the achievement of these goals. The aim of the work is to study the impact of import substitution on the eff ectiveness of the implementation of the Strategy for Innovative Development of Russia. Theoretical analysis. Import substitution processes in Russian economy began in the late 1990s. The main reason at that time was the ruble devaluation, due to which the volume of imports in 1998–1999 decreased by more than 30%. Imports replacement became possible by increasing the supply of domestic producers who resumed the use of previously mothballed facilities. According to a number of Russian economists, during this period import substitution was one of the key drivers of GDP and industrial production growth in the country. In the 2000s, import substitution processes began to take on a point-by-point rather than a mass factor: they took place in those industries where Russian enterprises had clear competitive advantages. In 2014, following the implementation of economic sanctions against Russia, the Government adopted a number of measures aimed at intensifying import substitution in the country. Empirical analysis. The text of the strategy identifi es import substitution as one of the key factors in the innovative development of the domestic economy. The paper considers the impact of the ongoing policy of import substitution on the achievement of the strategic goals of Russia’s innovative development. A statistical analysis of indicators characterizing the eff ectiveness of ongoing measures in the fi eld of import substitution and stimulation of innovative development was carried out. Results. According to the results of data statistical analysis, a conclusion is obtained that the target indicators in the fi eld of import substitution have not been achieved: in key sectors of the economy there is still a high dependence on supplies of foreign products. Innovative technologies used by domestic organizations are still mainly of import origin. At the same time, indicators of innovation activity in Russia remain signifi cantly lower than in foreign countries. This situation relates mainly to such factors as lack or shortage of organizations funds, long payback period of investments in innovation, lack of qualifi ed personnel, as well as reduction of opportunities in cooperation with other enterprises and scientifi c organizations.

The current period of development of the world and Russian economy is characterized by the breakdown of the evolutionary trends observed earlier. This is due to the transition to a new model of organization of society and the economy, which is accompanied by crisis phenomena. Simultaneously with the change in the model of the structure of the socio-economic system, there is a change in the world economic and technological structures, which makes the observed crisis deeper. The article considers the factors and characteristics of the ongoing global transformation, reveals the specifics of its manifestation in relation to Russia. The author proposes the main vectors for applying the efforts of the state, business and society, aimed at ensuring a smoother transformation, mitigating its negative consequences. [ABSTRACT FROM AUTHOR]