Abstract
The work of any economic system is inseparably associated with innovations. Activating investment and innovation processes is one of the strategic priorities of Russia's economic development ensuring its national security. However, there are a lot of restrictions that deter the development of innovations in the country. The main destabilizing factor is the existing system of financing investment and innovation activities in the country. Despite the existence of surveys devoted to this issue, the study of contemporary problems of financing such an important area as innovations is extremely relevant due to the dynamic development of the economy and the need to meet modern market conditions. The article examines the current state of investment and innovation processes in the country and identifies the main factors that hinder their development in modern conditions. The paper analyzes the contemporary system of financing innovation activities in Russia and assesses the impact of the COVID-19 pandemic on basic indicators of budget financing of innovations.
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