Importance The financial and economic crisis in Russia, which is accompanied by massive foreign capital outflow and escalation of international political situation, requires searching for new strategic partners in foreign financial markets, including the CIS States. This necessitates the analysis of the state-of-the-art and specifics of partner countries’ national financial market development. Objectives The research aims at identifying potential areas for the integration of Russian financial markets with those of Azerbaijan, Armenia and Belarus based on the analysis of their current state, problems and development prospects in the medium term. Methods In the course of the study, I applied methods of analysis and synthesis, statistical grouping, and linear correlation when reviewing the up-to-date statistical data. Results The main impediments to development of financial markets of Azerbaijan, Armenia and Belarus are absolute domination of the banking sector, extremely low liquidity of the secondary market and insufficient investment potential of the private sector. Meanwhile, there are some prospective areas for integration. Conclusions and Relevance The integration of financial markets of the countries under consideration with the Russian market can be effective in terms of attracting national issuers to the Moscow Exchange, developing a comprehensive program to attract the funds of the expatriate community to the domestic financial market, and expanding the range of domestic banks participating in the single integrated currency market within the EEU.
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