On the impact of sanctions on the financial sovereignty of Russia and the formation of its model
https://doi.org/10.35854/1998-1627-2023-9-1117-1127
Abstract
Aim. To identify the key stages of sanctions pressure on Russia and the formation of the financial sovereignty model.
Tasks. To identify the main stages of sanctions pressure on the Russian economy; to identify general regularities and key stages of sanctions against the Russian Federation (RF); to develop a functional model of Russia’s financial sovereignty.
Methods. In the present study with the application of general scientific methods, as well as systemic and comparative approaches, statistical analysis, the peculiarities of formation and establishment of financial sovereignty of Russia are considered.
Results. The stages of sanctions pressure on Russia are systematized. It is shown that the most important prerequisite for the creation of financial sovereignty were the sanctions imposed on Russia. The conclusion about the impact of sanctions on the domestic economy is substantiated. It is shown that the components of financial sovereignty form a functional model with feedback, and this determines the possibilities for further research. The results of this study can be used to develop new approaches to the formation of financial sovereignty in Russia, to improve the efficiency of interaction of elements in the system.
Conclusions. The main drivers of the formation of financial sovereignty were the sanctions imposed against the Russian Federation. At the same time, the impact of sanctions will be weakened due to the financial policy of the state.
About the Authors
E. A. Sintsova
St. Petersburg University of Management Technologies and Economics; St. Petersburg State University of Economics
Russian Federation
Competing Interests:
Russian Federation
Elena A. Sintsova - PhD in Economics, Associate Professor, Head of the Department of International Finance and Accounting of St. Petersburg University of Management Technologies and Economics
44A Lermontovskiy Ave., St. Petersburg 190020;
Associate Professor at the Department of Management and Innovation of St. Petersburg State University of Economics
30-32 Griboedov Channel emb., St. Petersburg 191023.
Competing Interests:
The authors declare no conflict of interest related to the publication of this article.
E. M. Zvyagina
St. Petersburg University of Management
Technologies and Economics
Russian Federation
Competing Interests:
Russian Federation
Elena M. Zvyagina - PhD in Economics, Associate Professor, Associate Professor at the Department
of International Finance and Accounting
44A Lermontovskiy Ave., St. Petersburg 190020.
Competing Interests:
The authors declare no conflict of interest related to the publication of this article.
References
1. Vasilenko N.V., Rumyantseva A.Yu. Formation of national information sovereignty in the context of economic digitalization: Technological and value components. Ekonomika i upravlenie = Economics and Management. 2022;28(10):1051-1063. (In Russ.). DOI: 10.35854/1998-1627-2022-10-1051-1063
2. Ryabukhin S.N., Minchenkov M.A., Vodyanova V.V., Zapletin M.P. Dual-circuit monetary and financial system as a tool for developing the national economy of the Russian Federation and ensuring its sovereignty. Nauchnye trudy Vol’nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia. 2020;225(5):182-200. (In Russ.). DOI: 10.38197/2072-2060-2020-225-5-182-200
3. Kazarinova E.B., Danilov D.R. Economic security in the conditions of transition to technological sovereignty. Ekonomika i upravlenie innovatsiyami = Economics and Innovation Management. 2023;(1):93-100. (In Russ.). DOI: 10.26730/2587-5574-2023-1-93-100
4. Aliev O.M. Problematic aspects of achieving Russia’s financial sovereignty. Finansy i kredit = Finance and Credit. 2023;29(3):527-555. (In Russ.). DOI: 10.24891/fc.29.3.527
5. Garbuzov A.M. The evolution of the concept of the state’s financial sovereignty. Ekonomika i predprinimatel’stvo = Journal of Economy and Entrepreneurship. 2022;(6):316-322. (In Russ.). DOI: 10.34925/EIP.2022.143.6.058
6. Vovchenko N.G. Priorities of regulation of tax policy in the context of deglobalization of the economy in order to ensure the financial sovereignty of the country. Finansovye issledovaniya = Financial Research. 2022;(3):7-16. (In Russ.). DOI: 10.54220/finis.1991-0525.2022.76.3.001
7. Belozyorov S.A., Sokolovska O. Economic sanctions against Russia: Assessing the policies to overcome their impact. Ekonomika regiona = Economy of Regions. 2020;16):1115-1131. DOI: 10.17059/ekon.reg.2020-4-8
8. Morozov V.A. 8.5. National sovereignty in the context of financial integration and unification. Audit i finansovyi analiz = Audit and Financial Analysis. 2020;(1):201-206. (In Russ.). DOI: 10.38097/AFA.2020.21.51.029
9. Yerezhanov R.R. Mechanism for implementing financial security and financial sovereignty of the Russian Federation. Chelovek. Sotsium. Obshchestvo. 2022;(S15):168-169. (In Russ.).
10. Thalidjokov E.H. Concept & essence of financial security & financial sovereignty: Relationship of concepts. Vestnik nauki. 2023;3(4):45-52. (In Russ.).
11. Financial sovereignty of Russia from adaptation to stabilization and economic recovery (results of the Moscow Financial Forum — 2022). Finansy = Finance. 2022;(9): 3-7. (In Russ.).
12. Boumparis P., Milas C., Panagiotidis T. Non-performing loans and sovereign credit ratings. International Review of Financial Analysis. 2019;64:301-314. DOI: 10.1016/j.irfa.2019.06.002
13. Smeshko O.G., Plotnikov V.A., Vertakova Yu.V. Prospects for the Russian economy: New challenges to economic security and public administration restructuring. Ekonomika i upravlenie = Economics and Management. 2022;28(6):524-537. (In Russ.). DOI: 10.35854/1998-1627-2022-6-524-537
14. Pozhimalin V.N. Problems of Russia’s integration into the world economy through the 2014-2015 sanctions. Zhurnal prikladnykh issledovanii = Journal of Applied Research. 2020;(4-2): 20-27. (In Russ.). DOI: 10.47576/2712-7516_2020_4_2_20
15. Kovaleva E.G., Korsacheva E.A., Vasilyev I.I. The impact of anti-Russian sanctions on the banking system of Russian Federation. Measures taken by the Central Bank of Russia to support the banking sector due to anti-Russian sanctions. Finansovye rynki i banki = Financial Markets and Banks. 2022;(11):25-29. (In Russ.).
16. Misko O.N., Esipov A.V., Samotuga V.N. Stimulative monetary policy of Russia and its instruments in the context of the sanctions war. Ekonomika i upravlenie = Economics and Management. 2023;29(5):559-566. (In Russ.). DOI: 10.35854/1998-1627-2023-5-559-566
17. Dudin M.N., Shkodinsky S.V., Ivanov M.O. Current problems of ensuring the financial sovereignty of Russia in the context of international sanctions. Finance: Theory and Practice. 2023;27(1):185-194. DOI: 10.26794/2587-5671-2023-27-1-185-194
18. IFF 2022: Russia is rethinking its financial sovereignty. Finansovyi vestnik: finansy, nalogi, strakhovanie, bukhgalterskii uchet. 2022;(9):10-15. (In Russ.).
19. Sintsova E.A., ed. Digital economy and finance. Proc. Int. sci.-pract. conf. (St. Petersburg, March 16-17, 2023). St. Petersburg: Asterion; 2023. 690 p. (In Russ.).
20. Boush G.D., Razumov V.I. Methodology of scientific research (in candidate and doctoral dissertations). Moscow: Infra-M; 2023. 227 p. (In Russ.).
21. Aksyutina Z.A. Universal scheme of interaction in analysis of the system of social education. Konstruktivnye pedagogicheskie zametki = Constructive Pedagogical Notes. 2020;(8-1):238-246. (In Russ.).
22. Nasyrova S.I. Basic provosions of the functioning of a human-oriented economy in the categories of a universal scheme of interaction. Nauchno-tekhnicheskie vedomosti Sankt-Peterburgskogo gosudarstvennogo politekhnicheskogo universiteta. Ekonomicheskie nauki = St. Petersburg State Polytechnical University Journal. Economics. 2021;14(6):29-39. (In Russ.). DOI: 10.18721/JE.14602
23. Sintsova E.A. Modeling of financial monitoring for sustainable development goals. In: Sintsova E.A., ed. Sustainable development (ESG): Finance, economics, industry. Proc. Nat. sci.-pract. conf. (St. Petersburg, October 21, 2022). St. Petersburg: Asterion; 2022:223-227. (In Russ.).
24. Nedoluzhko O.V. Intellectual capital of an organization in categories of universal interaction scheme of elements. Azimut nauchnykh issledovanii: ekonomika i upravlenie = ASR: Economics and Management (Azimuth of Scientific Research). 2018;7(2):242-246. (In Russ.).
25. Khominich I.P., Savvina O.V. Insurance mechanisms for the formation of a market for longterm resources and financial sovereignty of Russia. Finansy, den’gi, investitsii = Finances, Money, Investments. 2022;(4):3-7. (In Russ.). DOI: 10.36992/2222-0917_2022_4_3
Review
For citations:
Sintsova E.A., Zvyagina E.M. On the impact of sanctions on the financial sovereignty of Russia and the formation of its model. Economics and Management. 2023;29(9):1117-1127. (In Russ.) https://doi.org/10.35854/1998-1627-2023-9-1117-1127
Views:
380
