+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
Russian version 






Finance and Credit

An anti-liberal coup in finance began to show in Russia

Vol. 29, Iss. 10, OCTOBER 2023

Received: 8 June 2023

Received in revised form: 29 June 2023

Accepted: 13 July 2023

Available online: 30 October 2023


JEL Classification: A13, A14, D03, E03

Pages: 21902217


Nikolai I. KULIKOV Tambov State Technical University (TSTU), Tambov, Russian Federation


Mariya A. KULIKOVA Tambov State Technical University (TSTU), Tambov, Russian Federation

ORCID id: not available

Nataliya V. MOSKALENKO Tambov State Technical University (TSTU), Tambov, Russian Federation

ORCID id: not available

Subject. In the face of sanctions from the United States and Western countries, the Russian Federation urgently needs a completely different anti-liberal financial system.
Objectives. The study aims to determine the possibility of building a self-sufficient financial system, independent from third countries, which enables investments in the real sector of the economy from internal sources of the State.
Methods. We employed methods of scientific and information base, synthesis and grouping of the obtained data. The works by domestic and foreign scientists serve as theoretical basis of the study.
Results. The study revealed that the Russian economy coped with the sanctions of Western countries better than the countries introducing them expected. Russia's financial system proved to be stable. At the same time, the economies of most of these countries are close to recession. US and Western sanctions have caused serious damage to the global financial system. The Russias economy begins developing according to a new model. Today, the emphasis is shifted to the development of domestic economy, transformation and infrastructural restructuring. Russia has huge opportunities for the development of its domestic market and opportunities for moving forward. It created conditions to provide domestic investments to its real economy. Public-private partnership has grown almost 10 times. Long-term savings of the population are now becoming a source of financing for the real economy.
Conclusions. The Government should ensure the growth of budget expenditures as one of the main mechanisms for reconstruction and development of the real economy. Budget money should be directed not only to support enterprises, but also to support consumer demand. It is necessary to improve the mechanisms of public-private partnership. The Bank of Russia, together with the government, should ensure economic growth by saturating the Russian economy with cheap loans.

Keywords: finance, government, Bank of Russia, key rate, credit


  1. Aganbegyan A.G. [Russias future mostly depends on development of domestic financial system]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia, 2019, vol. 215, no. 1, pp. 170194. URL: Link (In Russ.)
  2. 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. 629. (In Russ.) URL: Link
  3. Gun'kov Ya.V., Kostina O.I. [The financial market of Russia in the conditions of modern economic sanctions]. Nauchnyi lider, 2022, no. 22. (In Russ.) URL: Link
  4. Dzagoeva M.R., Kaitmazov V.A., Ikoev S.K. [Effect of sanctions on the financial sector of the Russian Federation]. Fundamental'nye issledovaniya = Fundamental Research, 2015, no. 2-26, pp. 58605863. URL: Link (In Russ.)
  5. Evsin M.Yu. [The impact assessment of sanctions on the Russian financial market]. EFO: Ekonomika. Finansy. Obshchestvo, 2022, no. 2, pp. 1421. (In Russ.) URL: Link
  6. Glaz'ev S.Yu. Ekonomika budushchego. Est' li u Rossii shans? [Economics of the future. Does Russia have a chance?]. Moscow, Knizhnyi mir Publ., 2017, 640 p.
  7. Perevyshin Yu.N., Trunin P.V. [Monetary policy and inflation in early 2023]. Ekonomicheskoe razvitie Rossii = Russian Economic Development, 2023, vol. 30, no. 3, pp. 813. URL: Link (In Russ.)
  8. Zimovets A.V., Zimovets L.A., Marinova I.V. [Forecast of macroeconomic indicators of the Russian economy for the second half of 2022 and 2023]. Molodoi uchenyi = Young Scientist, 2022, no. 18, pp. 167171. URL: Link (In Russ.)
  9. Glaz'ev S.Yu. Bitva za liderstvo v XXI veke. Rossiya, SShA, Kitai. Sem' variantov blizhaishego budushchego [The battle for leadership in the 21st century. Russia, USA, China. Seven variants of the near future]. Moscow, Knizhnyi mir Publ., 2019, 352 p.
  10. Glaz'ev S.Yu. [On the mechanisms of realizing the goals of Russias national development in the context of changing technological and world economic structures]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia, 2021, vol. 230, no. 4, pp. 6670. URL: Link (In Russ.)
  11. Liu D., Sun W., Chang L. Monetaryfiscal policy regime and macroeconomic dynamics in China. Economic Modelling, 2021, vol. 95, pp. 121135. URL: Link
  12. Glaz'ev S.Yu., Sukharev O.S., Afanas'eva O.N. [Monetary policy of Russia: Negative cumulative effect in the framework of the neoclassical model and its overcoming]. Mikroekonomika = Microeconomics, 2022, no. 2, pp. 538. URL: Link (In Russ.)
  13. Mikul'skii K.I. [Russia in search of a model of economic growth]. Obshchestvo i ekonomika = Society and Economics, 2017, no. 3-4, pp. 515. (In Russ.)
  14. Sukharev O.S. [Monetary theory and macroeconomics. Impact and limits of monetary policy]. Vestnik Finansovogo universiteta = Bulletin of the Financial University, 2016, no. 2, pp. 8698. URL: Link (In Russ.)
  15. Garga V., Singh S.R. Output Hysteresis and Optimal Monetary Policy. Journal of Monetary Economics, 2021, vol. 117, pp. 871886. URL: Link
  16. Sukharev O.S., Afanas'eva O.N. [On the distribution of monetary policy tools by targets of development]. Obshchestvo i ekonomika = Society and Economics, 2022, no. 6, pp. 528. (In Russ.)
  17. Mandel A., Veetil V.P. Monetary Dynamics in a Network Economy. Journal of Economic Dynamics and Control, 2021, vol. 12, no. 5104084. URL: Link
  18. Peña R. Should monetary policy lean against the wind in a small-open economy? Revisiting the Tinbergen rule. Latin American Journal of Central Banking, 2021, vol. 2, iss. 1, no. 100026. URL: Link
  19. Abramova M.A., Dubova S.E., Ershov M.V. et al. [On the reference directions of the unified State monetary policy for 2021 and the period 2022 and 2023: Financial University experts opinion]. Ekonomika. Nalogi. Pravo = Economics, Taxes & Law, 2021, vol. 14, no. 1, pp. 616. URL: Link (In Russ.)

View all articles of issue


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

Journal current issue

Vol. 29, Iss. 11
November 2023