Yakunin S.V.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ysw@yandex.ru
Yakunina A.V.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation alla.yackunina@yandex.ru
Importance Due to the sanctions introduced by the Western countries, the need to diversify the Russian economy has become strained. Diversification should be interpreted not only as a decrease in the degree of dependence of budget execution on the cost of hydrocarbons, but also as an increase in the significance of the national currency in the international trade turnover. Objectives The aim of the study is to consider possible areas of the currency system development, to analyze the existing viewpoints of scientists on the given subject, to offer practical measures to reduce the dependence of the national economy on various trade restrictions and sanctions. Methods Using rationalistic and dialectic-materialistic methods of knowledge of the objective reality, we disclose intrinsic characteristics of the currency system, reveal non-random dependences, and define their causes and effects. Results To minimize currency risks caused by sharp fluctuations of reserve currencies and probability of toughening the sanctions by the countries issuing reserve currencies to settle accounts with trading partners, Russia should, in the first place, start out from the country structure of foreign trade. Conclusions and Relevance The targeted and coordinated work of State structures reducing negative effects caused by the sanctions and strengthening the confidence in the national currency should be focused on making foreign trade contracts in the national currency. In this case Russia would be able to increase foreign trade turnover and balance of payments and in the long term to make ruble the regional reserve currency.
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