Sokolova E.Y. The Russian financial market in the context of sanction restrictions: the search for alternative sources of investments

Abstract

Creating conditions in financial markets that would ensure the effective functioning of national business has always been a multifaceted task and required taking into account a significant number of factors. Numerous sanctions, significantly limiting Western markets for Russian business, forced it to restructure the directions and structure of foreign relations. Given that the Russian economy remains a part of the global economy, the reorientation to new foreign markets will also contribute to changes in the channels of influence of the external environment on the conditions of the Russian market. Sanctions against the Russian Federation make this task even more difficult. The operational measures of the Government and the Bank of Russia have helped to stabilize the situation in the financial market. With the closure of the capital markets of unfriendly countries, the role of internal sources of financing for the structural transformation of the Russian economy and the implementation of import substitution processes for goods, services and technologies is sharply increasing. It is necessary to develop systemic measures aimed at the development of the national financial market. For a stable and adequate saturation of the economy with financial resources, the most important thing is to restructure the mechanism of forming the money supply based not on external, but on internal sources. The current system of formation of national liquidity in countries shows that many economies, primarily developed ones, focus on internal sources of formation. And recently, such mechanisms have been increasingly used by developing countries as well. This makes it possible to develop on the basis of national priorities and reduces their dependence on the global market.