Subject. The financial mechanism and financial instruments for implementing socioeconomic development strategies at the sub-federal level. Objectives. To examine the existing financial mechanism and the financial instruments used to implement measures and strategic priorities for the socioeconomic development of the constituent entities of the Russian Federation, and to identify ways to improve them. Methods. The study employed a comprehensive analysis approach and general scientific methods. Results. The financial mechanism and its instruments have been examined in the context of achieving strategic targets for the socioeconomic development of individual constituent entities of the Russian Federation. It has been demonstrated that not all available financial mechanism instruments are included in the socioeconomic development strategies of the federal subjects. This shortcoming prevents the transformation of the economy at the sub-federal level. Relevance. The findings can be used by the Ministry of Finance of the Komi Republic and the Ministry of Economic Development, Industry and Transport of the Komi Republic when jointly developing a roadmap of measures for the socioeconomic development strategy. The results are also relevant for researchers conducting financial studies and for lecturers teaching specialized disciplines. Conclusions. Development prospects are linked to the need for ensuring the smooth operation of the financial mechanism by leveraging all available instruments to finance state strategic projects. They also hinge on identifying financial opportunities for implementing strategies — opportunities that are shaped by the current system of interbudgetary relations.
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