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Muzhzhavleva T.V., Ivanova N.N., Tolstova K.V.
Functioning of Russian Financial Institutions in Modern Conditions: Problems and Their Solutions
Keywords: economic sanctions, Russian financial institutions, Central Bank, assets of financial institutions, stock market, insurance market, foreign trade operations, international operations
Currently, the Russian financial system is undergoing structural shifts caused by economic sanctions, as well as changes in the direction of activity. In these conditions, the problem of ensuring the stability of the country's financial system is actualized. The purpose of the study is to identify the problems of the functioning of Russian financial institutions in modern conditions and to determine the ways to solve them. Materials and methods. The empirical basis of the study is the official documents published by the Central Bank of the Russian Federation, the Moscow Exchange, the Federal State Statistics Service, etc., which reflect the main indicators of the functioning of the Russian financial system in 2020–2022. Results. The paper considers the data for 2020–2022 reflecting the dynamics of changes in the assets of Russian financial institutions during this period, the volume of operations of the Russian insurance market and balanced financial results, the volume of foreign trade and international operations of Russian banks. Statistics of international settlements in Russian and foreign currencies are also given. At the end of 2022, there was a decrease in trading volumes in the stock market, as well as a decrease in the balanced financial result of Russian insurers. In addition, there was a slowdown in foreign trade operations, a decrease in the volume of settlements for foreign trade operations, the payment for which was made through Russian banks, a decrease in the volume of international transactions carried out by Russian banks, and a decrease in the profitability of international transactions. At the same time, by the end of 2022, there was an increase in the use of the ruble and the currencies of friendly countries in international payments. Significant results of cooperation between Russia and China were observed in the banking sector and in payments in national currencies, which was facilitated by the expanding trade between the countries. Introducing sanctions against Russian banks in 2022 led to the development of tools to simplify the organization of parallel imports. The Strategy for the Development of the Financial Market of the Russian Federation until 2030 proposes to expand the work of branches of foreign banks in Russia, which will reduce sanctions costs, lead to the expansion of the presence of the national payment system in foreign countries, a gradual transition to payments in rubles and national currencies of friendly countries, strengthening cooperation between Russian and foreign stock exchanges, etc. These will enable Russian banks to expand their activities, improve their processes and services, and increase their competitiveness in both domestic and international markets. Findings. The article discusses statistical data for 2020–2022 characterizing the state of the financial sector of the Russian economy, provides information on the measures taken by the Government of the Russian Federation and the Bank of Russia to reduce the sanctions risk. In order to develop international activities, Russian financial institutions need to expand their presence in the domestic and foreign markets, continue to develop cooperation with credit institutions of friendly countries, and improve innovative technologies and digital platforms.
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About authors
- Muzhzhavleva Tatiana V.
- Doctor of Economics Sciences, Professor, Department of Economic Theory and International Economic Relations, Chuvash State University, Russia, Cheboksary (csaprdom@mail.ru; ORCID: https://orcid.org/0000-0002-2948-7225)
- Ivanova Nadezhda N.
- Candidate of Technical Sciences, Associate Professor, Department of Mathematical and Hardware Support of Information Systems, Chuvash State University, Russia, Cheboksary (niva_mail@mail.ru; ORCID: https://orcid.org/0000-0001-7130-8588)
- Tolstova Kristina V.
- Master's Degree in Economics, Administrator, Ankor LLC, Russia, Cheboksary (kristinatolstova@mail.ru; )
Article link
Muzhzhavleva T.V., Ivanova N.N., Tolstova K.V. Functioning of Russian Financial Institutions in Modern Conditions: Problems and Their Solutions [Electronic resource] // Oeconomia et Jus. – 2024. – №2. P. 43-58. – URL: https://oecomia-et-jus.ru/en/single/2024/2/4/. DOI: 10.47026/2499-9636-2024-2-43-58.
