+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Implementation of investment projects under investment protection and promotion agreements: Financial issues

Vol. 28, Iss. 10, OCTOBER 2022

Received: 28 July 2022

Received in revised form: 19 September 2022

Accepted: 3 October 2022

Available online: 27 October 2022

Subject Heading: INVESTING

JEL Classification: О16, Р43

Pages: 2225–2248


Elena B. TYUTYUKINA Financial University under Government of Russian Federation, Moscow, Russian Federation


Tat'yana N. SEDASH Financial University under Government of Russian Federation Moscow, Russian Federation


Subject. The article addresses financial relations arising from the implementation of Federal Law On Protection and Promotion of Investments in the Russian Federation (FZ-69), as amended.
Objectives. The purpose is to identify subjects and objects of financial relations, as well as financial instruments affecting the feasibility of proposed measures of State support to investors during implementation of Investment Protection and Promotion Agreement (IPPA).
Methods. We employed general scientific methods of cognition (analysis, generalization, description) and the systems approach to unveil financial and economic relationships between all participants in the process, i.e. Project Implementation Unit (PIU), its counterparties, Public Law Entity (PLE), regulated organizations, and other entities.
Results. We determined subjects and objects of financial relationships arising from the IPPA implementation, systematized financial instruments and considered the specifics of their application during the IPPA implementation, identified financial effects from using a stabilization clause and legislation on taxes and fees, examined the impact of amendments to the said law.
Conclusions. The findings can be used by subjects of financial relations (in particular, the PIU, creditors, regulated organizations, the PLE) to justify the IPPA feasibility. The proposed recommendations (on discounting the reimbursable costs for creation of related infrastructure facilities, on real damage caused to PIU and losses of PLE, etc.) can be taken into account when making subsequent changes to the current legislation on investment protection and promotion.

Keywords: protection, investment, promotion, financial aspect, agreement


  1. Filatova N.G. [Credit guarantees for investment projects in the Russian Federation: Institutional and organizational problems]. Finansovye issledovaniya = Financial Research, 2020, no. 2, pp. 30–44. URL: Link (In Russ.)
  2. Konorev A.M., Barsukov M.V., Osinevich L.M. [Credit sources of financing fixed capital investments as a tool for stimulating economic growth]. Fundamental'nye issledovaniya = Fundamental Research, 2020, no. 12, pp. 114–119. (In Russ.) URL: Link
  3. Dudnik A.V., Cherdakova T.A. [Investment strategies for improving the competitiveness of the country's agro-food system]. Ekonomika regiona = Economy of Region, 2021, vol. 17, no. 2, pp. 632–643. URL: Link (In Russ.)
  4. Chmut G.A. [Investment growth is one of the national development goals of Russia]. Finansovye issledovaniya = Financial Research, 2021, no. 4, pp. 79–89. URL: Link (In Russ.)
  5. Novikov A.V., Slabkaya D.N. [Provision of State guarantees in the Russian Federation. Legal aspect]. Voprosy rossiiskogo i mezhdunarodnogo prava = Matters of Russian and International Law, 2021, vol. 11, no. 8A, pp. 240–247. URL: Link (In Russ.)
  6. Sheveleva N.A. [Tax law mechanisms of State support for entrepreneurship under modern conditions]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2020, vol. 15, no. 11, pp. 36–50. (In Russ.) URL: Link
  7. Strizhakova E.N., Strizhakov D.V. [Industrial policy in the Russian Federation: Analysis of tools]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2022, vol. 18, no. 8, pp. 1420–1451. (In Russ.) URL: Link
  8. Timofeev S.V. [Comparative legal analysis of the investment agreement and existing forms of civil law agreements that formalize the relationship between the subjects of investment activity]. Vestnik RGGU. Seriya: Ekonomika. Upravlenie. Pravo = Bulletin of the Russian State University for the Humanities. Series: Economy. Management. Law, 2021, no. 1, pp. 119–132. URL: Link (In Russ.)
  9. Zykova O.A. [Legal Assessment of the Federal Law “On Protection and Promotion of Capital Investments in the Russian Federation”]. Vestnik RGGU. Seriya: Ekonomika. Upravlenie. Pravo = RGGU Bulletin. Series: Economics. Management. Law, 2021, no. 2, pp. 135–140. (In Russ.) URL: Link
  10. Miroshnikov S.N. [Measures for the development of investment activity as an incentive for economic growth]. Upravlencheskoe konsul'tirovanie = Management Consulting, 2021, no. 6, pp. 54–59. URL: Link (In Russ.)
  11. Kuz'minykh Yu.V., Naumova E.A. [Modern tools to promote export-oriented investment projects]. Vestnik Udmurtskogo universiteta. Seriya Ekonomika i parvo = Bulletin of Udmurt University. Series Economics and Law, 2022, vol. 32, no. 3, pp. 451–459. (In Russ.) URL: Link
  12. Nechaeva N.A. [Measures of State support by stage of life cycle of an investment project]. Modern Science, 2019, no. 8-2, pp. 76–82. (In Russ.)
  13. Orobinskii A.S. [Methods and tools of financial regulation of investment activity of branch companies]. Nauka i obrazovanie: khozyaistvo i ekonomika; predprinimatel'stvo; pravo i upravlenie = Science and Education: Economy and Economics; Entrepreneurship; Law and Management, 2020, no. 11, pp. 59–62. URL: Link (In Russ.)
  14. Konnova I.O., Romanova O.V. [Implementation of State-supported large regional investment projects]. Sovremennye nauchnye issledovaniya i razrabotki, 2019, no. 1, pp. 560–562. (In Russ.)
  15. Makhosheva S.A., Galachieva S.V., Legkaya L.A. et al. [Development of a mechanism for the formation of investment attractiveness of the regional socio-economic system]. Inzhenernyi vestnik Dona, 2020, no. 10, pp. 356–365. (In Russ.) URL: Link
  16. Sanovich M.A., Bragina M.S. [The essence of tools and mechanisms to increase the investment attractiveness of territories]. Aktual'nye voprosy sovremennoi ekonomiki = Topical Issues of the Modern Economy, 2021, no. 10, pp. 401–406. (In Russ.)
  17. Palash S.V. [Evaluation of the effectiveness of the implementation of the State program of the Russian Federation "Development of industry and increase of its competitiveness" as a mechanism for structural industrial policy]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2020, no. 11, pp. 279–289. (In Russ.)
  18. Filatov A.S. [The Effectiveness of the State Support System for Regional Investment Projects in the Russian Far East]. Izvestiya Dal'nevostochnogo federal'nogo universiteta. Ekonomika i upravlenie = Bulletin of the Far Eastern Federal University. Economics and Management, 2020, no. 2, pp. 38–59. URL: Link (In Russ.)
  19. Abramyan G.A. [Foreign experience of application of financial measures of State support for investors as a factor of development of the regional economy]. Vestnik ekspertnogo soveta, 2021, no. 1, pp. 64–70. URL: Link (In Russ.)
  20. Belykh V.S., Kon'kov K.A. [Comparative analysis of State support measures for investment projects in the Russian Federation (legal opinion)]. Biznes, menedzhment i pravo = Business, Management and Law, 2021, no. 2, pp. 38–44. (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 28, Iss. 11
November 2022