Aim. To make a comprehensive analysis of the process of privatization of the Russian energy sector, as well as to identify the main stages of establishment of Rosneft Oil Company.

Objectives. To identify the key stages and directions of privatization of the Russia’s energy sector; to highlight the features and factors that influenced the course of privatization of the Russia’s energy sector in different periods; to review the main differences in the approach to the privatization of oil companies in Russia (comparison of Rosneft and other companies in the industry); to characterize Rosneft’s path of establishment in comparison with other domestic oil companies; to assess the political and socio-economic outcomes of the privatization of the Russian energy sector.

Methods. The study is based on the methods of systemic and economic analysis, the system of expert assessments, as well as general scientific methods of studying economic phenomena, including the analysis of historical sources, time series, as well as the analogy approach.

Results. The features of privatization in Russia are highlighted, as well as its impact on the development of the domestic economy. The evaluation of the results of privatization is given, and the reflection of its results in the country’s modern economy is shown. The conclusion about the neutrality of ownership forms, the predominant influence of institutional and organizational factors is substantiated. Special attention is paid to reviewing the process of privatization of the energy sector. The stages and peculiarity of this process in the energy sector are studied, which consisted in the fact that the oil industry managed to implement a special format of privatization in the form of corporate associations of several interrelated economic entities. The importance of the state-owned company Rosneft in returning the system-forming role of the state in the oil industry is considered separately. The main stages of the company’s development, which resulted in its transformation into a global energy company, are highlighted. Emphasis is placed on the importance of diversification and technological development for the future of Rosneft Oil Company.

Conclusions. The privatization process in the 90s of the XX century in Russia as a whole was characterized by the lack of an adequate level of preliminary preparation and elaboration of the reform program, inconsistency of steps and chaotic socio-economic transformations. The privatization of the Russian energy sector, in particular the oil industry, faced the same problems as in other sectors of the economy: violation of formal procedures, colossal understatement of the real value of assets, withdrawal of the most liquid assets from state control. Assessing the results of the privatization of sectors of the national economy, including the energy sector, we can conclude that our country’s political leadership of that period made a strategic miscalculation. The latter resulted in a steep decline of the living standards of the population, technological inferiority and resource-based model of the country’s development. In the early 2000s, the government’s course in the oil industry was adjusted: the energy sector began to be regarded as the most important sector of the economy, a key taxpayer and a partner in the implementation of social projects of the Russian Government. Retaining Rosneft in state ownership and further consolidation of oil assets under its management played a huge role in returning the state’s backbone role in the oil industry. The sale of Rosneft would have meant the final withdrawal of the state from the oil industry. The consequence of this would be Russia’s withdrawal from the big global energy game and loss of political subjectivity.

Aim. This study aims to develop theoretical provisions for analyzing clusters as networked spatial-economic systems.

Objectives. The research identifies the key features of clusters as systems, explores the relationships between participants, and determines the role of clusters in regional development.

Methods. Using a systems approach and literature analysis, the study identifies the key features of clusters and examines the interactions among participants. It also assesses the impact of the external environment and evaluates the role of clusters in fostering regional development.

Results. The findings show that clusters function as dynamic networks of interconnected organizations that provide competitive advantages and innovative development at different levels. Clusters have the characteristics of systems (integrity, structuredness, connectivity, emergentness, etc.), which allows them to adapt to changes in the economic environment. Based on the analysis results, an expanded theoretical interpretation of clusters and related research categories was given.

Conclusions. Clusters represent dynamic network systems that promote innovative development and the creation of competitive advantages through the integration and interaction of participants. The adaptive characteristics of clusters allow them to respond effectively to changes in the economic environment. In order to implement the potential of clusters, it is necessary to understand further theoretically their role in spatial and economic development, as well as use more actively the cluster approach in state and regional economic policy, taking into account the transition to a digital economy.

Aim. The study aims to determine and analyze the prospects for the development of inbound medical tourism from Central Asian countries.

Objectives. The work seeks to study the opportunities and barriers of Russian healthcare in the medical tourism market. It assesses the demand for medical services abroad within Central Asian countries and evaluates the potential for attracting inbound medical tourists from the region to Russia.

Methods. The study employs general scientific methods, including monographic method, along with analysis and synthesis, induction and deduction, description, and applied methods of structural, systemic and comparative economic analysis.

Results. The analysis of healthcare in Central Asian countries reveals key issues that shape healthcare performance and influence the motivations for medical tourism and the types of medical care. The key factor limiting the demand for medical tourism is the low income and high poverty levels in the region. The factor complicating the development of medical tourism in the region under consideration is competition from South Korea, Turkey, Israel, Germany and other countries that actively operate in the Central Asian medical tourism market. The multi-vector policies of these countries, including preferential cooperation with other nations, further hinder demand for Russian healthcare services.

Conclusions. Amid geopolitical tensions and stringent anti-Russian sanctions from Western countries, Russian clinics face challenges in developing medical tourism and attracting tourists, even from friendly countries. However, inbound medical tourism remains a promising field since Russia offers several competitive advantages as a medical tourism destination, including affordable yet high-quality medical care, skilled doctors and medical personnel, advanced medical technologies, visa-free travel, direct flights, and the absence of language barriers with Central Asian tourists.

Aim. The work aims to identify changes in institutional elements that foster the development of creative industries in regions, driven by the digital transformation of modern economic activity.

Objectives. The research substantiates the importance and timeliness of institutional changes in creative industries, drawing on both international and Russian experiences address how digital technologies impact innovation implementation in creative industries amid the digital transformation of economic activity. It seeks to reveal the characteristics of establishing institutions for creative industries development in regions, differentiate the institutional elements of establishing the environment for creative industries development based on traditional general-purpose platforms and a unified digital platform, and formulate the priority direction for their development amid the digital transformation of economic activity.

Methods. The theoretical basis of the study includes general scientific methods (analysis, synthesis, systematization) alongside institutional and comparative approaches.

Results. The research formulates the priority areas for developing the institutional environment of creative industries in the context of digital transformation of economic activity. Synthesizing the international and Russian experience in dealing the digital technologies’ impact on implementing innovations in creative industries during the digital transformation of economic activity confirms the importance and timeliness of institutional changes in creative industries. Using the Northwestern Federal District (NWFD) regions as examples, the research determines the aspects of establishing institutions for creative industry development. The work highlights the distinctions between the institutional elements of developing the creative industries environment based on traditional general-purpose platforms and a unified digital platform. The priority direction of their development amid digital transformation of economic activity is characterized as the establishment of institutional elements for creative industries environment based on a unified digital platform.

Conclusions. In view of the digital transformation of economic activity, a unified digital platform of regional creative industries is essential, offering innovative technological solutions and opportunities in the online environment. The platform would ensure the spatial development for creative industries’ infrastructure in the regions while enhancing operational performance. Regional economic entities will benefit from online consulting, legal and expert support regarding the generating creative products and managing enterprises in the creative economy sector.

Aim. This study aims to examine regional economic development challenges in the context of an unstable market environment and unprecedented sanctions pressure from Western countries. It proposes a structural model of regional economic sustainability as a foundation for developing effective tools for regional economic management.

Objectives. The research analyzes modern theories and practices of regional management, reviews expert opinions on achieving sustainable regional economic functioning and development through a systems approach, and offers an original definition of “regional economic sustainability”.

Methods. The study uses analytical methods, viewing the region through the lens of a systems approach.

Results. The article synthesizes findings from Russian scientists on managing regional economic sustainability. The article presents the author’s interpretation of the concept of “regional economic sustainability” and proposes a structural model that identifies external and internal sustainability contours, along with the factors influencing them. This model supports the development of socio-economic indicators that reflect the features of economic sustainability comprehensively and are classified based on influencing factors. It also facilitates the creation of a unified indicator of regional economic sustainability.

Conclusions. The research concludes that achieving “dynamic equilibrium” between the internal and external environments is essential for ensuring the region’s effective functioning and sustainable development over the long term. Addressing this challenge requires a new regional management concept, based on a methodology for managing economic sustainability.

Aim. This study aims to substantiate the introduction of measures to reduce and prevent the formation of solid waste and promote demand for products made from secondary resources.

Objectives. The work analyzes the state of the waste management industry across Russia and its federal districts. It identifies the features of the functioning of the waste management operations in various regions, such as the resource-intensive nature of production, low demand for secondary resources and products made from recycled materials, and insufficient measures to prevent waste generation.

Methods. The study is grounded in the theory of the closed-loop economy. It utilizes statistical data, publications from Russian and international experts, as well as information from governmental and analytical agencies.

Results. The article provides an overview of the state of the waste management across Russia and its federal districts. Data from country ratings (Environmental Performance Index, Global Waste Index) are used to draw conclusions about the quality of waste handling management. The article highlights priority routes for reforming the waste management industry, identifies and substantiates the specifics of functioning in the field of waste and secondary resources in the regions of the Russian Federation. It also proposes measures to improve the management of solid waste and secondary resources.

Conclusions. For Russia, as for most countries in the world, developing effective waste management is becoming a priority. While Russia demonstrates competence in hazardous waste management and has established processes for collecting and processing certain waste fractions, it lags behind developed countries in integrating waste into economic cycles. The prevailing “consumption–waste” system has features of a “wasteful consumption” system, or a system with “non-economic growth”. The regions of the Russian Federation differ significantly in terms of reclamation and dumping primarily of municipal solid waste (MSW). Some regions have managed to achieve a high level of reuse (recycling) of municipal solid waste; however, in most regions the bulk of municipal solid waste is sent to landfills. The specific features of the municipal solid waste and secondary resources sector in the regions of the Russian Federation, such as the continued resource-wasteful nature of production activities, low demand for secondary resources and products made from secondary raw materials, as well as insufficient implementation of measures to prevent waste generation, enable to conclude that the waste management reform being implemented in Russia is important and that its organizational and legal framework needs to be further improved. It is necessary to set goals to reduce waste generation and implement programs aimed at preventing waste generation. Demand for products made from secondary resources should be actively supported.

Aim. This study aims to structure the results of statistical research and develop a conceptual framework for understanding the structure of troubled debt among Russian companies.

Objectives. The work seeks to determine the dominant role of bank loans in business financing alongside the growing volume of corporate bond loans. It identifies trends in rising corporate lending and substantiates the higher-than-expected growth of overdue corporate debt in Russian banks’ loan portfolios. Additionally, the study explores the characteristics of bad and troubled debts, risky restructurings, their dynamics, and their share. It analyzes industry-specific patterns in corporate loans and overdue debts and examines the dynamics and structure of loan restructurings during acute crisis periods in recent years.

Methods. Using general methods of scientific knowledge, the criteria for the formation of troubled debts and their structuring, trends and priority fields of work with troubled debts are considered in various aspects.

Results. The dominant share of bank loans in the structure of business financing in the context of an increase in the volume of corporate bond loans has been established; the dynamics of increasing lending has been revealed, the trend of higher-than-anticipated growth of overdue corporate debt in the loan portfolio of Russian banks has been substantiated; the features of bad and troubled debts, risky restructurings have been identified, their dynamics and share have been studied. In addition, issues of industry specifics of issued corporate loans and accumulated overdue debt have been analyzed, and the dynamics and industrial structure of restructurings of bank loans of corporate borrowers during acute periods of crises in recent years have been studied.

Conclusions. Analyzing the causes of troubled debts and structuring the repayment process in stages offers insights into regulatory challenges and debt management strategies. Understanding the structure of troubled debt and applying effective settlement methods will facilitate more favorable outcomes in repayment efforts.

Aim. The article analyzes the issues of improving financial policy in terms of searching for the optimal structure of sources of financing the company activities in the context of current trends in the Russian economy development.

Objectives. The study examines key elements of capital structure, emphasizing the absence of a definitive approach for determining their volumes. It also presents the procedure for calculating the actual cost of debt and internal funding sources and provides a critical assessment of these costs amid economic uncertainty. Additionally, it discloses the relationship between environmental factors and the cost of financing sources, and determine the position of financial behavior in making decisions on the formation of the capital structure.

Methods. The research employs both general scientific and specialized methods, including scientific analysis and synthesis, comparative analysis, visualization and generalization, expert assessments, as well as calculation and analytical methods, a review of official data of the Bank of Russia.

Results. It was established that economic science has not formed a single mechanism for determining the optimal capital structure, and the choice of financing sources is influenced by factors that are difficult to predict in the long term, such as the state economic policy and the financial behavior of the owners. This complicates significantly the implementation of measures to improve the company financial policy. Despite the high financial risks in the context of tightening the monetary policy, arguments were formulated in favor of the need to raise debt capital for normal business development. The article presents possible options for the effect of the tax shield arising from raising debt funds.

Conclusions. Each economic entity determines the optimal ratio of debt and internal funds independently. After assessing the impact of internal and external environmental factors, coordinating quantitative and qualitative guidelines for the further development of the company, the executive team decides to modify the capital structure. The maximum level of return on equity with the lowest possible weighted average cost of capital is used as a key indicator confirming the optimality of the choice of financing sources. Nevertheless, in conditions of uncertainty, adjustment of the calculated ratio between sources is inevitable, and it is performed taking into account the assessment of the potential trajectory of the company development, current and future positions in the industry, the real need for debt funds and existing risks.

Aim. This study aims to outline the main stages of strategic management of rural revitalization in China within the framework of the digital economy, with a focus on historical developments, current approaches, and future prospects.

Objectives. The research identifies key factors that influence the successful digital transformation of rural areas; examines the role of digital technologies in supporting sustainable development of rural areas; and assesses long-term prospects for the digitalization strategy in agriculture and rural management.

Methods. The study employs systems analysis and strategic management methods, along with OTSW analysis (Opportunities, Threats, Strengths, and Weaknesses) to assess external environmental factors and internal dynamics of rural areas in China.

Results. The digital economy plays a vital role in closing socio-economic gaps between urban and rural areas in China. The implementation of technologies such as the Internet of Things (IoT) and artificial intelligence (AI) has enhanced agricultural productivity and improved the quality of life in rural regions. China’s experience highlights the importance of adapting innovative technologies to local conditions and the need for long-term strategic planning to achieve sustainable development.

Conclusions. Rural revitalization of China through the digital economy shows prospects for sustainable development. Optimization of management processes based on digital technologies, improving infrastructure and activating local communities will help strengthen the national economy and overcome socio-economic gaps.

Aim. This study aims to develop an approach to managing the digitalization process in the economy by applying elements of a systemic approach to state policy in regulating the use of information and communication technologies.

Objectives. The work seeks to identify key phases in the development of state policy on information and communication technologies and determine policy elements that, when correctly applied, maximize the impact of implemented measures and provide reliable data on progress toward strategic goals in digital economy development.

Methods. The issues of adapting state policy in development and application of information and communication technologies to the goals set within the adopted strategic planning documents and modern challenges are studied based on a systemic, risk-oriented, and logical-structural approaches to scientific knowledge. General scientific methods of analysis, synthesis and classification are also used.

Results. The use of a systems approach to the implementation of state policy in the field of development and use of information and communication technologies allows for the management of digitalization of various fields of activity in Russia as a single system that includes organizational, administrative and coordinating bodies. The actions of such bodies are aimed at development and implementation of strategies, concepts of the programs in the field of digitalization, formation of a balanced system of normative legal acts governing digitalization issues, control of performers responsible for the implementation of activities, development of a system of monitoring and control over the achievement of goals based on the collection of data on the implementation of target indicators. A systems approach enables to form a multi-level system of goals and indicators using the SMART methodology, which can be used to assess the progress of their achievement during the implementation of activities based on objective monitoring data; develop activities aimed at achieving a number of goals.

Conclusions. The study identifies shortcomings in goal-setting within the examined subject field. Various strategies and other documents aimed at the development of informatization and digitalization in Russia only declare the achievement of goals related to stimulating economic growth. Correct formation of the system of goals and indicators for the implementation of state policy in the field of digitalization based on a systems approach will allow monitoring the achievement of goals and analyzing the effectiveness of the measures taken, assessing the impact of state policy on the economic system based on statistical data obtained.

Aim. The work aimed to identify the features of non-financial information audit on sustainable development and determine the key trends in this field.

Objectives. It seeks to analyze trends in non-financial information audits, compare financial and non-financial information as management audit objects, differentiate audits of financial statements and non-financial information, and explore specific methodologies for auditing sustainable development data.

Methods. The research draws on scientific literature focused on external and internal audit trends, the development of management audits in commercial organizations, and the theoretical and practical aspects of non-financial information audits for sustainable development, and specific methods used. It incorporates works from leading practitioners, monographic studies, and other relevant sources.

Results. The study identified six key trends shaping the development of external and internal audits, as well as the non-financial audit in sustainable development. A comparative analysis of financial and non-financial data audits, conducted across 15 parameters, revealed 11 distinct characteristics of non-financial audits, and additional features of the audit of non-financial information were identified. These features included the use of specific methodologies, such as the double materiality concept, assessments of internal control systems, business analysis methods, and digital tools, and information resources.

Conclusions. The comparison enabled to make a conclusion about six key trends that are characteristic of the audit of non-financial information in the field of sustainable development, consisting in the use of digital technologies and digitalization of audit processes, high demand for qualified auditors, the use of audit remote procedures, an increasing role of the audit of non-financial information in the field of sustainable development and non-financial reporting, conducting a cybersecurity audit within an audit of non-financial information in the field of sustainable development and non-financial reporting, development of the double materiality concept used for the purposes of conducting an audit of non-financial information in sustainable development and non-financial reporting. The specific aspects of an audit of non-financial information on sustainable development are manifested in the type of audit services provided (consideration of the service as an assignment, which provides assurance), the applicable regulatory framework, focus on more interested parties compared to an audit of accounting (financial) statements, high complexity and labor intensity of the audit, focus on assessing the company impact on the environment and social matters, the possibility of ensuring both reasonable and limited assurance when providing the service, the use of double materiality concept when providing these services, widespread use of professional judgment, the use of specific methods when providing the service, the format of the final document, as well as the methods and concepts used. Understanding the identified trends in the field of audit of non-financial information in relation to sustainable development, as well as the identified features, contributes to the high-quality audit of non-financial information, thereby increasing the extent of confidence of stakeholders in non-financial information.

Aim. This study aims to explore the competencies currently in demand in labor market under the influence of digitalization and to assess the need for adjustments in educational programs to train specialists capable of adapting to rapidly evolving requirements.

Objectives. The work analyzes how digitalization services impact the labor market and professional requirements. It investigates the importance of adaptable skills for professional success, evaluates the relevance of educational programs in meeting the needs of the digital economy, and identifies key competencies necessary for specialists to successfully adjust in new working conditions.

Methods. The study was conducted using a formal logical approach. A combined methodology was applied, including an analysis of existing studies and data collected by the presidential platform “Russia – Land of Opportunity” and the Ministry of Science and Higher Education of the Russian Federation; case studies of leading companies Gazprom, Russian Railways, and Sberbank to analyze in-demand competencies, in combination with the main methodological approaches of economic theory. Priority fields for the development of digital innovations in the educational sphere were identified. The methodological approach includes the study of the competency-based approach, digital profiling of students and their professional growth.

Results. Key competencies in demand in the modern labor market are identified, namely partnership, leadership, emotional intelligence, self-development, adaptability, and digital skills. It has been established that adaptable skills are becoming more important for employers in the context of digitalization than highly specialized knowledge. Discrepancies were revealed between the expectations of employers, universities and students regarding the importance of a number of skills. The introduction of digital technologies as services in educational and professional practice in terms of social capital has significantly increased the efficiency of the process of assessing and managing students’ professional development.

Conclusions. Digitalization requires educational institutions to review their approaches to training specialists, with an emphasis on flexible and digital competencies, including for successful adaptation to future labor market requirements. The digital student passport serves as a significant tool for integrating the educational process and practical activities, creating a basis for a more accurate assessment and development of students’ social capital, which helps improve the selection processes and support for professional growth.