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Does Russia's current level of financial security allow it to ensure financial sovereignty?

ISSUE 6, JUNE 2025

Received: 3 April 2025

Accepted: 10 April 2025

Available online: 26 June 2025

Subject Heading: Financial system

JEL Classification: G1

Pages: 97-116

https://doi.org/10.24891/tgvyxj

Aleksei A. KONYAEV Financial University under Government of Russian Federation, Moscow, Russian Federation
Konyaevaa@mail.ru

https://orcid.org/0000-0002-7610-7301

Subject. The article discusses financial security of the Russian Federation.
Objectives. The aim is to present my own assessment of the level of financial security of the Russian Federation in the context of geopolitical turbulence.
Methods. The study employs integrated, dynamic, and systems approaches, general scientific and special methods of scientific cognition, like retrospective, systems, and functional-structural analysis, observation, classification; instrumental methods of grouping, sampling, comparison, generalization, and dynamic analysis.
Results. I calculated and scientifically substantiated the level of financial security of the Russian Federation for 2019–2024.
Conclusions. In 2019–2024, the values of integral indicator of financial security of the Russian Federation were within the range of 247...315 points, which corresponds to the level of financial security "Doubtful". In 2020 and 2022, under the influence of COVID-19 pandemic and special military operation, the integral indicator for assessing the level of financial security in Russia decreased by 8% and 19%, respectively. In 2021, the Russian economy, manufacturing sector, and consumer activity were recovering after the COVID-19 pandemic, and Russia's financial security level was significantly approaching the "Satisfactory" (315 points). It should be noted that the values of some indicators of Russia's financial security were in red zones during the period under review. In 2024, the level of financial security increased to 291 points (+11% yoy), which indicates an increase in the financial security of the State, and, consequently, will contribute to ensuring the financial sovereignty of the country.

Keywords: financial security, financial sovereignty, financial market

References:

  1. Konyaev A.A. [Analysis of threats to the financial security of the Russian banking sector]. Bankovskoe delo = Banking, 2024, no. 9, pp. 48–53. (In Russ.) EDN: PMJVML
  2. Sattarova N.A., Shokhin S.O. [Some issues of public administration in the sphere of financial security]. Vestnik Permskogo universiteta. Yuridicheskie nauki = Bulletin of Perm University. Legal Sciences, 2018, no. 40, pp. 167–185. (In Russ.) DOI: 10.17072/1995-4190-2018-40-167-185 EDN: XVMCHB
  3. Kondrat E.N. Pravonarusheniya v finansovoi sfere Rossii. Ugrozy finansovoi bezopasnosti i puti protivodeistviya: monografiya [Violations in the financial sphere of Russia. Threats to financial security and ways to counteract it: a monograph]. Moscow, Forum Publ., 2014, 928 p. EDN: WDFBJT
  4. Karanina E.V. Finansovaya bezopasnost' [Financial security]. St. Petersburg, Intermediya Publ., 2017, 336 p. EDN: ZUYPYL
  5. Blazhevich O.G., Zhupanova S.V. [Features of ensuring financial security of the State]. Nauchnyi vestnik: Finansy, banki, investitsii = Scientific Bulletin: Finance, Banks, Investments, 2022, no. 2, pp. 5–21. (In Russ.) EDN: BFETUL

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

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