Russian Finance Research Articles

Regarding the issue of Russia's finance

Subject. This article examines the issues related to the finance of Russia. Objectives. The article aims to analyze the trends in Russia's finance development and assess the prospects. Methods. For the study, I used analysis and synthesis, special economic and mathematical methods, in particular, correlation and regression analysis, as well as a graphical method of presenting the results obtained. Results. The study reveals an increase in the difference between financial assets and liabilities in the domestic economy and a decline in the rest of the world, and it shows the prospects for the development of finance in Russia. Relevance. The results of the study of trends in the development of Russian finance and the prospects can be useful in assessing the risks of the financial system for the Government of the Russian Federation and a wide range of the expert community.

Potential of Russian finance

Potential of Russian finance

Greenwashing in green finance and measures to prevent it

Aim. To study the phenomenon of greenwashing in the spheres of green bonds issuance and banks’ activities.Objectives. To show the degree of study of the problem in foreign and Russian scientific literature; to analyze the methods of combating greenwashing; to estimate the probability of greenwashing in the financial sphere in Russia.Methods. The author used the methods of bibliographic analysis, studied the legislation and documentation of banking organizations in the context of greenwashing prevention.Results. The author traces the growth of cases of greenwashing in the financial sphere, shows the main forms of its manifestation emphasized in modern scientific literature. As a result of the analysis of the European Union (EU) legislation on counteraction to financial greenwashing the ineffectiveness of the EU measures on prevention of unfair behavior of issuers of “green” bonds and banking institutions is proved. The analysis of the Russian practice of green finance shows the low demand for the services of green bond verifiers and the low degree of state control over this sphere, which may affect the spread of financial greenwashing in Russia. Based on the results of the analysis of the sphere of counteraction to greenwashing in the sphere of green finance in Russia, the main directions of improvement of the domestic policy of counteraction to greenwashing are proposed.Conclusions. Greenwashing is an urgent problem for the development of green finance. The measures taken by the EU to regulate the green bond market do not lead to a reduction in greenwashing and even provoke its development. Measures on state control and tougher penalties for greenwashing are more effective than the emphasis on information disclosure. This seems significant not only for the European market, but also for the Russian market, which will have to face this problem. It is necessary to develop measures to detect and overcome unfair behavior of participants of Russian financial markets, including the development of state control mechanisms, a unified methodology for assessing green bonds and issuers’ reporting, as well as the responsibility of issuers and verifiers when greenwashing is detected. Equally important are incentives for banks to finance green projects and control of the banking system in the framework of greenwashing prevention.

Sharia-compliant financial statements: Specifics of information disclosure

Subject. This article deals with the issues related to the disclosure of information in the financial statements by organizations providing partnership financing services. Objectives. The article aims to study the features of the Islamic model of accounting, its regulatory framework and the requirements for disclosure of information in financial statements in accordance with AAOIFI standards. Methods. The scientific works by contemporary foreign and domestic scientists engaged in the study of the Islamic model of accounting and the problems of disclosure of information in financial statements by Islamic financial institutions served as a methodological basis for the study. Results. The article finds that religion and ethical standards embedded in Islamic economics have a significant impact on accounting and the formation of Sharia-compliant financial statements. The article also describes the emergence and development of the Islamic accounting model and the distinctive features of information disclosure in accordance with RAS, IFRS and AAOIFI standards. The article provides examples of information disclosure in financial statements by Islamic financial institutions operating abroad and in Russia. Conclusions. The information disclosed in the financial statements of Islamic financial institutions in accordance with AAOIFI standards is much broader than under RAS and IFRS. The specifics of reflecting transactions on partnership financing are currently traced in the financial statements of companies operating in foreign countries, where partnership finance has been developing for many years. Financial institutions operating in the field of partnership finance in Russia prepare accounting (financial) statements in accordance with RAS, and when preparing internal management reporting, they are guided by IFRS and AAOIFI standards.

Counteraction of Russian Finance Market Against External Sanctions Pressure

The article shows the impact of external economic sanctions on the Russian financial market. Special attention is paid to the currency, commodity and derivative markets of the Moscow Stock Exchange. The main focus of the work is the analysis of changes in market dynamics and pricing under the influence of political and economic constraints. Methodologically, the study is based on a comprehensive analysis of trade session data, including statistical processing and modeling of market reactions. The use of actual analytical methods made it possible to identify nonlinear dependencies and hidden patterns of behavior of market participants. The results of the study demonstrate that sanctions have had a significant impact on volatility, liquidity and market structure. The authors show the influence of political factors on financial instruments in a crisis, as well as develop new methodological approaches to analyzing financial market data. The results of the work can be used to coordinate trading strategies, develop market regulation policies and assess risks in conditions of political instability. The study also provides a basis for further analysis of the consequences of economic sanctions and the development of strategies to adapt to changing market conditions.

Проблемы и перспективы реализации проектного финансирования в России в условиях нарастающих экономических санкций

Relevance: In recent years, Russia has faced a number of economic sanctions that have had a significant impact on its economy. These sanctions have restricted access to international financial markets, making it difficult to attract investment and realise projects. Project finance plays a key role in economic development, enabling companies to raise the necessary resources to realise major investment projects. However, in the context of sanctions, the effective use of this instrument is becoming a challenge. In a changing economic environment, companies and organisations need to adapt and seek new approaches to financing their projects. Researching this topic can help in finding effective solutions, as well as understanding how sanctions affect project finance and what strategies can be used to overcome these challenges. The purpose of this article is to analyse the current state of project finance in Russia and the world and to determine its prospects in the context of growing economic sanctions. Research methods: Statistical, economic and comparative analyses were used to identify trends in the global and Russian project finance market, as well as to determine the main problems and potential areas of development, The results of the article are based on the analysis of works of domestic and foreign economists and professional organisations in the field of project finance and economics in general. The results obtained can be used to identify further directions of project finance development, as well as to study the experience of work and organisation of project finance under sanctions.

Balance in the movement of Russian finance

Subject. The article addresses the balance in the movement of Russian finance. Objectives. The purpose is to determine the balance in the movement of Russian finance. Methods. The study rests on systems approach, using the method of statistical analysis. Results. The study shows high potential of debt securities owned by Russian banks and transferred under repo transactions with the Bank of Russia, with the excess of dynamics of growth of financial assets minus liabilities of the banking system over the monetary base (in a broad definition). The paper revealed dominant growth of financial assets minus liabilities of households and non-profit organizations serving households holding the entire growth in the domestic economy with the fall of non-financial corporations and relatively stable growth of public administration. It also revealed a stable growth of debt securities issued at market value in the context of high volatility and a wide range of the volume of quoted shares of Russian issuers traded on the domestic market, and insignificant growth rates of federal loan bonds. It highlights the problem of balance in the movement of Russian finance, i.e. high volatility and a wide range of the volume of quoted shares of Russian issuers traded on the domestic market, and a drop in financial assets minus liabilities of non-financial corporations. Conclusions. The unveiled balance in the movement of Russian finance, largely maintained through the stable growth of debt securities issued at market value and a significant increase in financial assets minus liabilities of households and non-profit organizations serving households, points out to the monetary authorities the critical opportunities for the development of the financial system.

Prospects for the use of metaverse tools in the field of public finance in Russia

Purpose: of the study is to identify promising areas for the use of metaverse technologies in the field of public finance in Russia in the context of the current sanctions restrictions and considering the peculiarities of the national budget system.Methods: the research uses such general scientific methods as literature review, comparative analysis, generalization and analysis of factual data. The work uses the method of constructing block diagrams that describe the key relationships of objects and related business processes to illustrate the proposed innovations.Results: the main results of the study include: 1) proposals for further digitalization of public and socially significant services using VR / AR technologies; 2) a scheme for integrating distributed ledger technologies (based on blockchain) into the treasury budget service system; 3) guidelines for the use of smart contract technologies in the field of public procurement, considering exclusive and inclusive access.Conclusions and Relevance: most of the current government information systems are based on traditional relational databases, which have technological limitations compared to modern distributed ledger technologies. At the same time, the development of the sphere of public finance in the context of the digital transformation of economic relations and the active spread of metauniverses requires continuous updating of the technological infrastructure. The study made it possible to conclude that the technological capabilities of the metaverses cover the current needs for the digital transformation of public finances. In addition, for the Russian public finance sector, the current metaverse tools can be assessed as a factor in further digital development under the current sanctions restrictions.

Modern problems of healthcare financing in Russia

Modern problems of healthcare financing in Russia

СИСТЕМА «ЗЕЛЕНОГО» ФИНАНСИРОВАНИЯ В РОССИИ: ПРОБЛЕМЫ И ТЕНДЕНЦИИ РАЗВИТИЯ

The article analyzes the “green” financial situation of the Russian Federation and makes recommendations to promote its development. The paper identifies key problems that limit the development of green finance in Russia, for example, lack of funding, lack of experience in evaluating “green” projects in Russia and a clear classification of green projects and standards for evaluating their effectiveness, low public awareness of green investments and their importance for environmental sustainability and economic development. The study suggests measures to solve them, the prospects for the use of green finance in Russia, and the possibilities of its use in various sectors of the economy.

ПРОБЛЕМЫ И НЕОБХОДИМОСТЬ «ЗЕЛЕНОГО» ФИНАНСИРОВАНИЯ ЭКОНОМИКИ РОССИИ

The “green” economy is endowed with a huge potential for socio-ecological transformation, therefore, the creation and implementation of its effective financial mechanism is an existential task of our time. The promotion of the “green growth” Strategy in any direction and in any country requires solving the issue of financing all measures both from the state and from business. Therefore, the financial component in modern conditions is relevant along with environmental, social and economic. In the article, the authors reveal the features of “green” financing of the domestic economy. The main objectives of the article are to identify the main problems of “green” financing in Russia and identify ways to overcome them.

Зеленое финансирование для достижения целей устойчивого развития: современное состояние и перспективы

The subject of the study is the problems and prospects for the development of green finance, which provides funds for achieving Sustainable Development Goals. The objectives of the work are to assess the level of development and structure of green finance, as well as to identify factors determining its development taking into account the latest trends in the global economy. The article analyzes the state and trends in the development of the green finance market, identifies obstacles to the development of green financial instruments and suggests ways to solve these problems, identifies the features of the development of sustainable financing in Russia. The study used the concept of sustainable development and a problem-oriented approach to green financing. Analytical work was carried out using methods of analysis and synthesis, comparison and grouping, economic analysis and modeling. The results of the study showed that the interest in green financing instruments is due to the need of society for sustainable development and preservation of the environment, which requires strengthening the requirements for accountability of green financial instruments, stricter control by regulatory authorities and reliable disclosure of information supported by more accurate data. Conclusions are drawn about the need to stimulate the use of various instruments of green finance, the development of a legal framework in the field of sustainable development, which will ensure the harmonization of green finance policies and standards not only at the national but also at the global level.

Islamic Banking and Finance in Russia: Challenges and Perspectives from Legal Part

Islamic Banking and Finance in Russia: Challenges and Perspectives from Legal Part

УПРАВЛЕНИЕ И ФИНАНСИРОВАНИЕ СЕЛЬСКОГО ХОЗЯЙСТВА С УЧЕТОМ ПРИНЦИПОВ ESG

The relevance of the research topic is due to the need to form a new culture of management of agricultural enterprises, taking into account global environmental challenges and threats to humanity. Currently, the market for green (responsible) financing in Russia is just beginning to take shape, and the agricultural sector is one of the most promising investment sectors in accordance with the goals of sustainable development and market leadership in the world. Currently, the agribusiness sector is unattractive to venture capital and green financing from banks due to its conservative management and strong government regulation, which negatively affects its innovation activity and the implementation of the principles of sustainable development. The purpose of the study is a systematic study of existing practices of green financing of agribusiness enterprises in the world and the specifics of the Russian ESG financing market, as well as the development of specific proposals for the involvement of agribusiness enterprises and financial institutions in financing sustainable development projects as an objective necessity for the preservation of life on the planet.

Спекуляция аннулированными белогвардейскими деньгами: омский казус 1920 г.

This article analyzes an incident of speculation on withdrawn White Guard banknotes that took place in Omsk in the first months of the Soviet power restoration. It is of interest both from the standpoint of the history of finance and currency and from that of the history of law and urban everyday life. Illegal actions suppressed in 1920 by the Soviet police are spiced up by the fact that the main defendants were representatives of Eastern European peoples who, for various reasons, found themselves in Omsk: the Ukrainian, the Hungarian, the German, and the Chinese. Moreover, the “Chinese track,” notorious in the Siberian economy of the era, had actually created conditions for this rare type of speculation. The study draws on unpublished documents identified by the author in an archival criminal case considered in 1920 by the People's Court of the 1st section of the Omsk uezd of the Omsk uezd bureau of justice. They are stored in the Historical Archive of the Omsk Region in the fond of above mentioned judicial body. The methodological basis of the study is anthropological and systematic approaches, as well as problem-chronological method. This theoretical corpus enables to follow the logic of developments in the region’s socio-economic sphere as fully as possible and to explain the causes of the crime, bringing them into correlation with certain people who acted in specific historical situation of the military revolutionary period. The considered episode is unique and revealing in a number of ways. It characterizes the life of the West Siberian townspeople at the final stage of the Civil War in Russia and demonstrates what sophisticated measures the population (including former prisoners of the First World War, refugees, numerous representatives of underclass) was forced to take in order to survive. The case allows us to assess the peculiarities of the work of law enforcement and justice during Soviet power restoration in Western Siberia. This publication may be of interest to a wide range of readers: specialists in Russian finance and currency, Soviet law enforcement system, population’s adaptation to social cataclysms, and Siberian everyday life during the Civil War in Russia.

Financing of Large Infrastructure Projects: Chinese Experience and Russian Practice

The purpose of this work is to research the problems of financing large infrastructure projects in Russia and abroad (on the example of China) and suggest ways to improve and develop financing in Russia. The tasks of this work are as follows:Consider the theoretical aspects of financing large infrastructure projects.Make a solution of the problem distribution of project risks of infrastructure construction in Russia.Identify the prospects for improving the Russian practice of financing infrastructure projects based on foreign experience.Explore and find the best financing option for major infrastructure projects.Find new features of financial instruments in the Russian financial market that may create new condition for infrastructure projects.In this work methods of scientific knowledge have been used such as induction, deduction, analysis, synthesis, generalization, description. The object of the research was financing of large infrastructure projects. The subject — problems of financing large infrastructure projects in Russia and abroad (on the example of China).

Исламская финансовая система: история, особенности и перспективы развития исламских финансов в России

The purpose of the study is to assess the modern state of the Islamic financial system and the prospects for the development of Islamic finance in Russia. The article focuses on the features of the Islamic financial system, its advantages and disadvantages, factors that prevent the spread of the Islamic financial model in non-Muslim states, including Russia. The scientific novelty consists in the theoretical justification of the need to introduce Islamic finance into the domestic financial system, the development of priority measures to accelerate this process, aimed at developing cooperation with the countries of the East and increasing the availability of Islamic financial services for interested users in Russia. As a result, the history of the development of the Islamic financial system was considered, an assessment of the state of Islamic finance in the world was given, as well as the main problems and opportunities for the development of Islamic finance in Russia were identified.

Рекомендации аудиторам и их влияние на бухгалтерский учет

Th e article discusses the issues of accounting and the formation of accounting (fi nancial) statements, in relation to which the Ministry of Finance of the Russian Federation has developed and published Recommendations to audit organizations, individual auditors, auditors on auditing the annual fi nancial statements of organizations for 2021. Th e recommendations contain the position of the Ministry of Finance of Russia, as the accounting regulator, on more than a dozen topical accounting issues, the most important of which are considered on examples in this article.

Marketplace as Tool of Rising Accessibility of Finance Services

Digital technologies have drastically changed finance service market. A new step in Russian finance market development is connected with the project ‘Marketplace’. The article studies stages of this project development, identifies factors promoting its speedy development, among which the increase in demand for finance services, inflow of individuals’ funds to finance market and others. The authors describe advantages, drawbacks and risks that finance marketplaces represent for finance organizations and finance service consumers. On the basis of information of search requests a conclusion can be drawn that popularity of the tool is growing rather fast. Barriers impeding the development of finance marketplaces are shown. According to the forecast, in the coming years we can expect exponential growth in the number of finance marketplace participants in case of the stable political and economic situation. A set of measures aimed at supporting the development of platforms for individual entrepreneurs and legal entities should be devised.

ВЛИЯНИЕ ПАНДЕМИИ НА СИСТЕМУ ВЕНЧУРНОГО ФИНАНСИРОВАНИЯ ИННОВАЦИОННЫХ ПРОЕКТОВ

The article substantiates the impact of the pandemic on the system of venture financing of innovative projects. Based on the analysis of statistical data, the specificity of venture financing in Russia and in the world has been revealed. It was noted that the new conditions caused by the COVID-19 pandemic had a beneficial effect on the development of venture financing for innovative projects.