An anti-liberal coup in finance began to show in Russia

Abstract

Subject. In the face of sanctions from the United States and Western countries, the Russian Federation urgently needs a completely different anti-liberal financial system. Objectives. The study aims to determine the possibility of building a self-sufficient financial system, independent from third countries, which enables investments in the real sector of the economy from internal sources of the State. Methods. We employed methods of scientific and information base, synthesis and grouping of the obtained data. The works by domestic and foreign scientists serve as theoretical basis of the study. Results. The study revealed that the Russian economy coped with the sanctions of Western countries better than the countries introducing them expected. Russia's financial system proved to be stable. At the same time, the economies of most of these countries are close to recession. US and Western sanctions have caused serious damage to the global financial system. The Russia’s economy begins developing according to a new model. Today, the emphasis is shifted to the development of domestic economy, transformation and infrastructural restructuring. Russia has huge opportunities for the development of its domestic market and opportunities for moving forward. It created conditions to provide domestic investments to its real economy. Public-private partnership has grown almost 10 times. Long-term savings of the population are now becoming a source of financing for the real economy. Conclusions. The Government should ensure the growth of budget expenditures as one of the main mechanisms for reconstruction and development of the real economy. Budget money should be directed not only to support enterprises, but also to support consumer demand. It is necessary to improve the mechanisms of public-private partnership. The Bank of Russia, together with the government, should ensure economic growth by saturating the Russian economy with cheap loans.