The New Paradigm of Russia’s International Financial Relations

Abstract

The objective of this study is to explore the fundamental features of the emerging international financial framework in Russia, to pinpoint potential risks and central issues in its development. The distinctive characteristics of Russian companies’ international trade activities are explored through a comparative and economic-statistical analysis. The identification of risks was done by creating checklists using logical and analytical methods to organize information about the research topic. The risk analysis was based on the Ishikawa method (“fish bone”). The framework of Russia’s international financial interactions from 1991 to 2014 was centred on the goal of swiftly integrating the country into the global monetary and financial framework, fully embracing the standards set by the global power, while also acknowledging the increasing reliance on the collective West, which could potentially compromise national interests. The New Paradigm envisions a balanced integration of diverse subsystems and individual components — nations and groups of nations — within a cohesive geographical context. This framework envisions the enhancement of mutually beneficial international collaboration with allied nations and the development of novel settlement and payment systems, which are based on the utilization of national currencies and/or cutting-edge digital instruments.