Importance As the Russian economy continues facing the crisis phenomena and challenges, it becomes even more important to stabilize the economic situation in the country. The article analyzes and evaluates the state-of-the-art and structure of the national economy. We review possible implications and consequences of the crisis that may arise from the Western countries' sanctions, drop in the Ruble exchange rate, falling cost of oil. The research examines the current banking sector and possible stabilization measures. The article also puts special focus on import substitution. Methods The practical framework of the research relies upon the methods of analysis and synthesis of scientific and information data basis. Scientific proceedings of national and foreign scholars on the theory and practice of banking services make up a theoretical underpinning of the research. Results We propose measures to change the structure of economy, and reform the financial policy. The article also describes areas for improving the fiscal and monetary policy of the Central Bank of the Russian Federation. Conclusions and Relevance Following the research, we conclude on the need to enhance the role of import substitution and propose measures for encouraging and supporting the Russian commodity producers. The structure of economy should be altered so to reestablish the economic balance in the country. Such measures should be a driver of the socio-economic stability. When analyzing the State policy for the banking sector support, we expressed our ideas on reforming the fiscal and monetary policy of the Central Bank of the Russian Federation.
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Vukovich G.G., Suleimanova V.E. Osobennosti realizatsii denezhno-kreditnoi politiki Rossiiskoi Federatsii [Specifics of implementing the fiscal and monetary policy of the Russian Federation]. Available at: Link. (In Russ.)
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