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






Finance and Credit

Individual investment accounts in conditions of sanctions and declining incomes of the population

Vol. 28, Iss. 12, DECEMBER 2022

Received: 1 September 2022

Received in revised form: 13 October 2022

Accepted: 27 October 2022

Available online: 28 December 2022


JEL Classification: G11, G18

Pages: 2764–2797


Elena A. RAZUMOVSKAYA Ural State University of Economics (USUE), Yekaterinburg, Russian Federation


Leonid A. TROFIMENKO Ural State University of Economics (USUE), Yekaterinburg, Russian Federation

ORCID id: not available

Subject. The article addresses individual investment accounts (IIA).
Objectives. The aim is to determine areas for development of individual investment accounts as a tool for the formation of savings in conditions of foreign sanctions and declining real household earnings.
Methods. We employ methods of logical and statistical analysis, the method of expert assessments for data array interpretation.
Results. We offer three directions of reforming the IIAs to increase their reliability and attractiveness for private investors: (1) to allow the existence of several IIAs with different brokers at the same time, and not only in the case of transfer of assets from one broker to another, with appropriate accounting by the Federal Tax Service, (2) to secure the right for investors to use funds placed on the IIA as initial payment for the purchase of housing to reduce investors' concerns about the length of period the funds are on the IIA, (3) to prevent the abuse of tax benefits, if the use of funds from IIA for the purchase of housing is permitted, we recommend to introduce additional conditions, for example, the amounts that are subject to tax deduction should be on IIA for at least a year.
Conclusions. If used, the offered measures will increase the confidence of unqualified investors in the domestic financial market, contribute to reducing abuse through tax benefits.

Keywords: individual investment account, stock market, private investments, sanctions, real household earnings


  1. Sorgutov I.V. [The architectonics of sanctions in the economy]. Moskovskii ekonomicheskii zhurnal, 2021, no. 8. (In Russ.) URL: Link
  2. Divaeva E.A. [Some features of the current phase of the stock market, forecasts and investment opportunities]. Innovatsii i investitsii = Innovation and Investment, 2022, no. 5, pp. 101-106. URL: Link (In Russ.)
  3. Zvyagintseva N.A., Markov D.E. [Research of the stock market of the Russian Federation in the modern conditions of the unprecedented sanction load]. Izvestiya Baikal'skogo gosudarstvennogo universiteta = Bulletin of Baikal State University, 2022, vol. 32, no. 1, pp. 78–88. URL: Link (In Russ.)
  4. Bubnova Yu.B., Maslennikova E.A. [Problems of transformation of household savings into investments]. Baikal Research Journal, 2021, vol. 12, no. 1, p. 6. (In Russ.) URL: Link
  5. Solomentsev A.S. [Impact of the consequences of Сovid 19 on the financial behavior of the population: On the example of demand for investment products]. Finansovye rynki i banki = Financial Markets and Banks, 2022, no. 5, pp. 156–162. URL: Link (In Russ.)
  6. Mad'yarov A.A., Zyukin D.V., Nadzhafov I.A. et al. [Growth in real population income as a tool for solving the problems of unemployment and poverty]. Vestnik Kurskoi gosudarstvennoi sel'skokhozyaistvennoi akademii = Bulletin of the Kursk State Agricultural Academy, 2021, no. 4, pp. 117–123. URL: Link (In Russ.)
  7. Pechalova M.Yu. [Transformation of the Investment and Savings Behavior of the Population in the Context of Digitalization and the Challenges of the Pandemic]. Ekonomika. Nalogi. Pravo = Economics. Taxes. Law, 2022, vol. 15, no. 2, pp. 80–95. URL: Link (In Russ.)
  8. Glaz'ev S.Yu. [Problems and prospects of the Russian financial market in the context of structural changes in the world economy]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2020, vol. 24, no. 3, pp. 6–29. URL: Link (In Russ.)
  9. Razumovskaya E.A., Trofimenko L.A., Sokolov A.P. [Impact of the COVID‑19 pandemic on the sphere of lending to individuals in the Russian Federation]. Zhurnal prikladnykh issledovanii = Journal of Applied Research, 2021, vol. 3, no. 2, pp. 35–45. URL: Link (In Russ.)
  10. Trofimov D.V. [Savings of the population as an alternative to investments in Russia]. Innovatsii i investitsii = Innovation and Investment, 2022, no. 6, pp. 98–102. URL: Link (In Russ.)
  11. Brovkina N.E., Rizvanova I.A. [Financial literacy: Problems and solutions]. Ekonomika. Nalogi. Pravo = Economics. Taxes. Law, 2022, vol. 15, no. 3, pp. 59–68. URL: Link (In Russ.)
  12. Nikolaichuk O.A., Nureev R.M. [Investment and savings function of households]. Prostranstvo ekonomiki = Terra Economicus, 2020, vol. 18, no. 1, pp. 81–101. URL: Link (In Russ.)
  13. Ivanova K.A. [Distribution of Individual Investment Accounts in the Regions of the Russian Federation]. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2021, no. 54, pp. 189–207. URL: Link (In Russ.)
  14. Trofimenko L.A., Razumovskaya E.A., Isakova N.Yu., Ovsyannikova E.Yu. [Trends in the spread of individual investment accounts as an indicator of the growth of the level of financial literacy of the Russian population]. Zhurnal prikladnykh issledovanii = Journal of Applied Research, 2021, vol. 7, no. 6, pp. 621–629 URL: Link (In Russ.)
  15. Bezsmertnaya E.R. [Behavior of private investors in the stock and futures markets in 2022–2023: Possible reaction to changes in monetary policy]. Ekonomika. Nalogi. Pravo = Economics. Taxes. Law, 2022, vol. 15, no. 1, pp. 63–71. URL: Link (In Russ.)
  16. Pugachev A.A., Ryabinina S.E. [Tax, monetary and social effects of regulation of investment activity of citizens in Russia]. Nalogi i nalogooblozhenie = Taxes and Taxation, 2022, no. 1, pp. 38–56. URL: Link (In Russ.)
  17. Azieva Z.I., Khramchenko A.A., Almamatov T.Zh., Varel'dzhan A.A. [Development problems of the Russian securities market]. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge, 2022, no. 2, pp. 349–355. URL: Link (In Russ.)
  18. Konyagina M.N. [Russian mortgage lending market during the COVID-19 pandemic]. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge, 2021, no. 4, pp. 345–353. URL: Link (In Russ.)

View all articles of issue


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

Journal current issue

Vol. 30, Iss. 1
January 2024