Importance The subject of our study encompasses the threats and challenges to the Russian monetary and credit sector due to its development phase in financial economics, integration into the world economy and the intensification of financial sanctions of global players in connection with the events in Ukraine. Objectives The article aims to identify hazards and develop measures to prevent them. Methods The instrument and methodological apparatus of the study is based on scientific methods of theoretical knowledge, statistical generalization, and component, cluster, and discriminant analyses. Results The result of the research provides the statistical evidence that the modern Russian monetary sector has become part of the global financial system and, to full extent, is exposed to the threats and challenges of global shocks. We have made a logical model of the specific threats to Russia, and also provided their detailed elaboration. We have developed a structural and logical model of the directions of the strengthening of the country's monetary sector that envisages the following: activating the foreign trade in rubles, taking into account the prospects of Russia's participation in the economic unions, creating a national payment system, expansion of the resource base, formation of the ruble as a reserve currency. Based on the study, we can make the following observations: the implementation of the presented activities coupled with innovative breakthrough of the domestic economy enables to adopt the Russian ruble as a reserve currency. Application The findings of the article may be used by mega-regulator, the Ministry of Economic Development of the Russian Federation, State corporations, regional authorities, and political parties. Conclusions and Relevance Taking into account the current international situation, in response to the challenges of external globalization, it is necessary to develop their internal globalization based on repeated strengthening of integration, fundamental changes in domestic logistics, synchronize the interaction of the material production and the financial sector (to develop the Eastern vector of international financial cooperation).
Keywords: open economy, monetary sector, dollarization, off-shoring, monopolism, criminalization, bank resolution, national payment system, international financial center, internal globalization
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