Aim. To study the impact of investment on economic growth and ensuring economic security in modern Russia, developing under the conditions of economic sanctions from the countries of the “collective West”.

Tasks. To describe the impact of sanctions on the Russian economic system, to assess their impact on national economic security. To study investment activity in Russia in the medium term, including its transformation in the conditions of non-economic shock caused by sanctions. To offer recommendations for improving the state investment policy.

Methods. In preparing the article we used general scientific methods of research (comparative, retrospective, macroeconomic analysis), as well as special methods of economic and mathematical modeling, forecasting, statistical data analysis, and expert assessments.

Results. Anti-Russian sanctions have caused a number of new challenges and complex threats to national economic security. The sanctions caused a macroeconomic shock. But, despite the volatility and volatility of GDP, the Russian economy is experiencing a trend of long-term growth, which indicates the presence of sufficiently effective mechanisms for preserving national economic security. At the same time, this growth is rather sluggish, it is necessary to launch mechanisms for its acceleration, which is difficult in the conditions of external sanctions restrictions. The basis for success in economic growth is high investment activity. Its stimulation should become one of the priorities of Russia’s current economic policy. Despite the political and economic turbulence caused by the sanctions and the general contraction of the economy, investments, contrary to expectations, did not decline in Russia in 2022, although their growth rate slowed down. At the same time, the structure of investments has changed unfavorably. The author’s study reveals atypical behavior of investments in Russia under the shocks of 2020 and 2022: the growth rate of investments slowed down, but at the same time they grew in absolute terms in both actual and comparable prices, despite the general crisis in the economy. This creates preconditions for future growth. Apparently, Russian investors did not revise their plans, remaining confident that external sanctions will not only be successfully overcome, but may also give a new impetus to the development of domestic production, as it happened with agricultural production after the food embargo introduced in 2014. This indicates high confidence of national business in the policy pursued by the authorities. In order to maintain the sustainability of socio-economic development and the realization of national economic interests, it is important to achieve a steady decline in investment activity and prevent the curtailment of investment. This is possible only through the creation by the state of such an investment environment, such conditions that are understandable and attractive for the business community and arouse its confidence.

Conclusions. The impact of sanctions on the Russian economy is immediate and prolonged. The Russian economy has successfully coped with the initial sanctions shock. But the delayed effects of sanctions remain, they act as a significant threat to national economic security, which makes it necessary to strengthen measures to counteract them and preserve economic stability. The investment policy of the state has a significant role in solving these problems, which is considered in the article as a tool to overcome the threats to national economic security caused by sanctions. Investment activity of private business in the new conditions requires state support, the article reveals the directions and conceptual provisions of such support.

Aim. To substantiate the socio-economic significance of the sanatorium-resort complex in the market “Healthnet”.

 Tasks. To study the literature devoted to the topic “Healthnet”; to investigate the structure of the market “Healthnet”; to determine the place of sanatorium-resort complex in the market “Healthnet”.

Methods. In the course of writing the article the methods of logical and structural analysis, generalization, comparison were applied, official statistics was used.

Results. According to the results of the research of subjects, objects and segments of the Healthnet market, the lack of the role of the sanatorium-resort complex, which, being a set of objects and types of medical activities that provide treatment, recovery, prevention and rehabilitation of citizens, contributes to health saving of the population, was revealed. It was determined that the sanatorium-resort complex can be presented both as a consumer of Healthnet products and as a part of the Healthnet market, contributing to the growth of exports of medical services due to the inflow of foreign recreationists.

Conclusions. According to the estimates of the World Health Organization, Russia lags behind the leading countries of the world in terms of epidemiological situation, health care costs per capita, GDP per capita, average life expectancy. It is advisable to include target indicators of activity of health resort complex organizations in the current Healthnet Market Roadmap and consider them as full-fledged participants of this market. In case of ignoring the sanatorium[1]resort complex as a part of the market “Healthnet” the set tasks on health protection of the population both before the market itself, and before the state, infrastructural centers and other subjects will be under the threat of non-fulfillment.

Aim. To determine the directions of development of the pension insurance system in China, taking into account the peculiarities of its creation and development in the conditions of modern demographic trends.

Tasks. To study the impact of population ageing on the Chinese economy; to analyse the pension insurance system in China; to determine the prospects and recommendations for improving the sustainability of pension insurance in China.

Methods. The study is based on the use of methods of scientific knowledge, analysis and synthesis, comparison, application of systemic and institutional approaches to assess the pension insurance system in China.

Results. The paper studies the formation and development of the pension system of the People’s Republic of China. The article analyses the dynamics of economic indicators on pension and insurance markets of China, presents the characteristic of demographic situation. The assessment of the sustainability of social security in China is presented.

Conclusions. Basic pension insurance dominates the Chinese pension system. Accelerating population ageing is a major challenge for the system. At the same time, corporate and individual insurance have a certain potential for growth, as a result, it is the dynamics of their development that will determine the vector of development of the entire pension system of China.

Aim. To identify problems in ESG rating methodology to develop principles for creating an  objective assessment of firms’ sustainability transition efforts.

Tasks. To conduct a brief review of previous studies that analyze the objectivity of ESG-rating; to examine the rating methodology from three companies that specialize in rating firms by ESG criteria; to identify the main so-called failures that affect the objectivity of assessment; to  formulate principles to improve the objectivity of the rating assessment of firms.

Methods. The study considered the methodology of three ESG-ratings: ESG-rating of S&P, the  rating of the American-British company Refinitiv and ESG-rating of the Italian company ECPI. The methods of descriptive analysis, comparative analysis, generalization and systematization have revealed the main directions reflected in the rankings, their similarities and differences as well as the reasons and ways of subjective evaluation which negatively influences the quality of the ranking.

Results. The author presents the evidence of biased evaluation of the considered rankings, caused by a number of factors, including doubtful parameters, taken for evaluation, the use of  biased sources, including data of non-governmental organizations and voluntarily published data on information disclosure. It shows the methodology of calculations, which gives preferences to large businesses, the opacity of the assessment and the ability of experts to adjust information in the process of assessment.

Conclusions. In order to build an objective ESG-evaluation, the stability and durability of the methodology should be ensured, and the changes made should not violate the comparability of the results. It is necessary to rely on a fixed list of disclosures subject to audit, to ensure the objectivity of the indicators under review and to take into account the dynamics of the identified contradictions over a long period. The author proposes to introduce a unified assessment methodology at the national level.

Aim. Formation of sustainable economy of Russia on the basis of the criterion of dynamic equilibrium between reasonable and expedient state intervention in the course of economic processes and market self-regulation.

Tasks. To analyse the peculiarities of economic models of developed countries of the world; to propose a comprehensive approach to the formation of a sustainable economy in the context of economic theory; to clarify the structural organisation of the model of economic dynamics and to determine the indicators that signal the change of phases of the economic cycle; to substantiate the expediency of using the method of system identification of the objects under study to carry out systemic modelling of the structural organisation of a sustainable economy; to propose a logical scheme of the Russian economy, sustainability of economic processes in Russia.

Methods. In the article on the basis of application of the method of system identification of the studied objects the methodology of structural organisation of sustainable economy is substantiated, which includes the reasoning of its structural elements — market environment, state economic policy, the main tools of which are state economic strategy, state regulation of the economy and market self-regulation. The synergy of the latter determines the possibility of maintaining market equilibrium and creates the required conditions for social production and social reproduction.

Results. The necessity and possibility of transition from a market economy, unable to withstand global challenges and maintain equilibrium state, to a sustainable one has been revealed. The necessity to develop a comprehensive approach to the formation of the structural organisation of a sustainable economy in Russia, taking into account the provisions of economic theory and assuming the possibility of managing economic dynamics, implemented through state economic policy, has been established. The structural organisation of the sustainable economy of Russia, including the market environment, state economic policy, state economic strategy, state regulation of the economy, market self-regulation, social production and social reproduction, has been formed. The twofold result of the functioning of sustainable economy in the proposed form is effective use of production factors and economic growth.

Conclusions. The substantiation of views, concepts and ideas outlined in the study allowed us to form a dynamic system design of the structural organisation of the sustainable economy of Russia, which is based on certain principles, functions and methods. Thus, in the structural organisation of sustainable economy the role of the principle basis is played by the state eco[1]nomic strategy, organisational and functional — by state regulation, methodological — by market self-regulation. The possibility of application of these tools of state economic policy is conditioned by the action of the driving force of sustainable economy — state economic policy, and the expediency of application — by the state of the market environment.

Aim. To substantiate the potential advantages of introducing the digital ruble into the financial system of Russia.

Tasks. Theoretical analysis of existing views of Russian and foreign economists on the spread of digital currencies in the modern financial system. To study the possibilities of using digital currencies. Consideration of the concept of introduction of the digital ruble in the financial system of the Russian Federation (RF) and justification of its potential advantages and risks. Study of the digital ruble as a new form of national currency and its legitimization. Analysis of the annual growth rate of the monetary aggregate M0 in Russia for the period 2018-2023.

Methods. The study uses system and logical approaches, general scientific methods (analysis, synthesis), methods of comparative and economic analysis, analytical processing of information, graphical presentation of information and mathematical modeling.

Results. In connection with the growth rate of digitalization development, the trend of digital currencies distribution in the modern financial system of the Russian Federation was characterized: the legislatively enshrined definitions of concepts were analyzed, electronic and digital money were compared, and the main types of digital currencies and their key features were identified. The annual growth rates of the monetary aggregate M0 in Russia for the period 2018-2023 were analyzed.

Conclusions. The identified potential advantages of the introduction of the digital ruble into the financial system of Russia will contribute to the reduction of the share of the shadow economy, large settlement transactions using smart contracts, reducing the costs of settlement and payment transactions, which should lead to a positive economic effect, but it is necessary to take into account the risks of this process. Periods of socio-economic instability may lead to an increase in the risk of mass desire of citizens to use cash. The analysis of the annual growth rates of the monetary aggregate M0 in Russia for the period 2018-2023 allowed us to conclude that for the effective implementation of such a property of the digital ruble as markability, it is necessary to reduce the volume of cash in the hands of the population. This goal can be achieved by increasing the financial and digital literacy of the population, which minimizes the risks of its implementation. In the future, the development of digital technologies in the economy will make it possible to give virtual currencies the official status of a means of payment.

Aim. To determine the characteristics and specificity of intellectual property management of a modern organization and on this basis to form an understanding of the role of its assessment in making sound management decisions.

Tasks. To reveal the essence and managerial basics of intangible assets as key assets of modern organization; to prove the value of intellectual property and its assessment from the position of modern management and business; to compare the currently used approaches to intellectual property assessment from the point of view of their advantages and disadvantages as well as their role in management decision making; to suggest the directions of using the results of intellectual property assessment in the process of functioning and development management

Methods. The methodological basis of the study was the conceptual concepts of the theory of managerial decision-making and property theory, which allowed the authors of the article to use a system of general scientific methods and approaches to the study. When writing the article, the textual analysis of scientific publications and provisions of current regulatory documents in the field of determining the value and market evaluation of intangible assets, the comparative analysis of key methods of evaluation of intellectual property objects with an indication of the shortcomings of each of them, the calculation method, tabular data presentation, as well as the construction of groupings and generalizations were used.

Results. The essence of intangible assets was revealed, which is manifested in the fact that they act as a factor that significantly increases the competitiveness, market value and financial performance of the enterprise. This makes special demands on the management of intellectual property as a key asset of a modern organization. The value of intellectual property and its assessment in terms of making important managerial and business decisions that affect the success of the organization is argued. This is expressed primarily in the growth of market capitalization of companies-owners of intellectual property. The approach[1]es to the assessment of intellectual property applied today are compared: income-based, comparative and cost-based, which allowed to identify their advantages and limitations, to determine the prospects of using different combinations of approaches and methods of assessment in making managerial decisions. The directions of using the results of the intellectual property assessment in the process of managing the sustainable development of the organization under the current conditions of economic instability and increased likelihood of risks, which actualizes the need for organizations to have reliable information about the fair value of intangible assets.

Conclusions. As a result of the analysis of publications and normative regulations, as well as the performed research of the specifics of intellectual property management at the contemporary stage of economic development, the authors have made a conclusion about the increasing role of its assessment, providing a reliable base for making reasonable managerial decisions by the management of organization. The assessment of intellectual property objects within the framework of presented in the article managerial approaches should provide a sustainable innovative development of modern organizations and increase their strategic competitiveness.

Aim. To propose the concept of quantitative accounting of factors of long-term receivables cost reduction and to develop a methodical approach to the realization of the mentioned concept.

Tasks. To identify the factors of cumulative decrease in the value of long-term receivables. To  propose a methodology of its quantitative assessment for each of the factors. To study the sensitivity of cumulative decrease in the value of long-term receivables to changes in each of the factors.

Methods. The research utilized a systematic approach to identifying and assessing the factors of long-term receivables cost reduction. The methods of factor and correlation-regression analysis, as well as analytical dependencies determining quantitative estimates of individual factors were applied.

Results. The concept on quantitative accounting of factors of receivables value decrease in the framework of the cumulative reduction factor φ methodology is proposed, where the generalized formula of its decomposition by four factors is given. In the study, the factors of receivables value reduction factors involved in the formula are digitized in terms of the impact on the value of receivables of each of them. In determining the factors K1 and K3, a five-factor regression equation and a two-factor regression equation are constructed respectively. The obtained results can be applied in the concept of development and realization of innovation policy of the enterprise. Two variants of calculation of the K2 factor, which give a quantitative assessment of debt obligations security, are proposed. The formula for calculating the factor K4, which reflects the cost of attracted short-term credit resources to cover cash gaps resulting from accounts receivable, is proposed. As a result of quantitative assessment of influence factors, the formula for calculating the determination of the value of receivables is derived, the application of which will provide a fair result of market value assessment, which will ensure the most effective management of long-term receivables in conditions of economic instability.

Conclusions. Qualitative accounting of factors of decrease in the value of long-term receivables necessitates the use of a methodical approach for their quantitative assessment. Practical application of the proposed approach will give the most reliable result of determining the market value of accounts receivable, which, in turn, will allow market participants to improve the efficiency of asset management of the enterprise.

Aim. To check the availability of financial sustainability and self-sufficiency of the budget sphere of Russian regions in the period of new geopolitical challenges, as well as to develop reasoned, scientifically justified proposals that can be used in strategic territorial planning and will contribute to the financial sovereignty of the Russian Federation (RF).

Tasks. To consider the concepts of “financial sovereignty”, “financial security”, “financial stability”; to assess the financial stability of Russian regions, their fiscal self-sufficiency; to build an econometric model of the dependence of regional budgets revenues on a number of factors and to identify factors contributing to an increase in the revenue part of budgets, increasing the financial stability of regions and the financial sovereignty of the Russian Federation as a whole.

Methods. The authors used a systematic approach, general scientific methods of research, including comparative, logical, analysis and synthesis, economic and statistical, critical review of scientific publications. When developing recommendations, correlation and regression analysis was carried out.

Results. Financial sovereignty is the objective independence of the state in carrying out domestic and foreign financial policy. It is ensured by financial security at all levels of governance and in all spheres of socio-economic life. The main factor in increasing the stability of the financial system of the Russian Federation is a stable budget system of the country and its territorial formations. The study showed that the ability of regional budgets to cover their expenditures largely depends on receipts from the federal budget. Such dependence reduces the stability of regional budgets and creates an additional burden on the federal budget. Using the correlation and regression analysis, according to the statistical data for 2021, the factors of economic development that have a positive impact on the revenue part of regional budgets and increase their sustainability were identified. In particular, in the course of the study it became clear that the cost of research and development, innovation, implementation and use of digital technology today affect the economic development of regions. Their statistically significant strong correlation with the revenues of regional budgets was revealed. The results of the study can be used in the design of strategic programs for regional development.

Conclusions. There is a high dependence of regions on state support, which creates an additional burden on the federal budget, reducing its sustainability and financial sovereignty of the country. Subjects of the Russian Federation need to promote business development and stimulate its investment activity. The priority in the design of programs of strategic development of regions should be the introduction of digital technologies, increasing expenditure on research and development, innovation activities.

Aim. To determine the potential of practical application of neural networks as a tool to form a model of competencies of JSC “RZD” employees who provide operation of railway infrastructure objects.

Tasks. To estimate the quality of the structure, description and level of detail of the competence model formed by a neural network by means of comparison with traditional sources containing requirements to the competence of a track mounting workman position.

Methods. The theoretical (analysis, modeling, specification, classification) and empirical (comparison, description, content analysis) general scientific research methods formed the methodological basis. The generation of the competence model by means of artificial intelligence was carried out with the help of the software complex based on neural networks.

Results. The structure and description of the competencies generated by the neural network correspond on the whole to the competency model of a track fitter and unified corporate requirements for the employees of JSC “RZD”. At the same time, the description of some professional competences is insufficient, which indicates the need to form an additional clarifying query to the neural network. The corporate competencies, defined by the neural network, are described in detail and contain more competencies, than the existing model of JSC “RZD” employees’ competencies.

Conclusions. In order to prepare a competency model, neural networks serve as an effective tool, which allows to ensure the proper quality of competency structure generation and description. The universality of this approach lies in the possibility to generate a competency model for any position regardless of the industry. The level of inclusiveness of neural networks increases with the development of digital environment, which ensures their accessibility in practice.

Aim. To justify and propose a methodology for searching multi-criteria Pareto-optimal solutions based on the use of socio-economic models or digital twins of complex dynamical systems.

Tasks. To substantiate the relevance of using predictive methods for making managerial decisions in conditions of rapid changes and the need to use for these purposes recommendation systems using socio-economic models or digital twins. To propose a methodology for searching multi-criteria Pareto-optimal solutions and to evaluate its accuracy on mathematical and socioeconomic models. To formulate recommendations and limitations on the use of this methodology.

Methods. General scientific methods (analysis, synthesis, grouping), mathematical methods of searching for Pareto-optimal solutions and generation of LP -sequences, results of mathematical modelling and numerical experiments were used in the research.

Results. The methodology of searching for multicriteria Pareto-optimal managerial decisions is proposed, proposals and limitations on its application are formulated.

Conclusions. In conditions of rapid changes it is important to be able to make managerial decisions that take into account the influence of many factors and, accordingly, many criteria characterising the socio-economic system, and at the same time it is necessary to make these managerial decisions in accordance with the logic “from the future”. The method of searching for multi-criteria Pareto-optimal solutions based on the use of socio-economic models or digital twins is proposed. The accuracy of this method is investigated on mathematical models of different degrees of nonlinearity with different number of parameters when solving production multi-parametric problems.

Aim. To identify new trends in the development of the banking sector of Azerbaijan, one of the key links in the national economy of the country, based on the analysis of its condition in the last five years.

Tasks. To analyse the mandate of the Central Bank of Azerbaijan (CBA), the structure of the country’s banking market, the level of banks’ capitalisation; to sum up the results of the analysis; to formulate proposals for improving the situation.

Methods. The study relies on a systematic approach to solving the set tasks. The article presents different points of view of authors and analysts regarding reforms in the banking sector of Azerbaijan. The dialectical approach to the analysis of the main phenomena and regularities, as well as the systematic approach to the disclosure of the key factors of development of the national banking sector of the country served as the methodological basis of the study.

Results. The main trends in the development of the banking sector of Azerbaijan were analysed, its current state was assessed, and the mandate of the CBA was determined. The research shows that the growth of the banking market, new trends in the expansion of banking services create significant qualitative changes in this market. During the year, the banking sector as a whole showed resistance to exogenous shocks.

Conclusions. In the banking business of Azerbaijan, one of the special tendencies manifested in the activity of the banking services market is technological improvement and expansion of application of modern automatic systems. The analysis showed that in recent years, despite the growth of current expenses in the activity of banks, the most modern and productive communication technologies replacing labour-intensive processes are introduced. The mandate of the CBA was focused mainly on monetary policy, ensuring regulation and development of interbank centralised and other unlicensed payment systems. Monetary policy implemented by the CBA has been aimed at mitigating inflationary pressures. Although high global inflation remains risky in the context of uncertainty due to the global geopolitical and geo-economic situation, the accelerated recovery of economic growth, the country’s trade surplus and the increase in strategic foreign exchange reserves allow the macroeconomic environment of the financial system to remain stable.