Eng 
Рус Financial Journal Vol.17 No.4 2025
CONTENTS
I.A. Balyuk, M.A. Balyuk
Russia’s Participation in International Financial Institutions under External Sanctions: Problems and Prospects, p. 8-25
Abstract
The article analyzes Russia's participation in the functioning of international financial institutions (IFIs) under external sanctions. The purpose of this study is to systematize IFIs with Russian membership, identify promising IFIs taking into account the transformation of Russia’s foreign economic relations, and develop recommendations for Russia’s further interaction with various IFIs in the context of tightening external sanctions. The research methodology includes qualitative and quantitative analysis. Qualitative analysis involves systematizing IFIs with Russian membership according to functional and geographical criteria. Quantitative analysis aims to compare various IFIs with Russian membership implementing fundamental economic and statistical indicators. Based on the results and specifics of their activities, a classification of IFIs was developed and the main characteristics of IFIs were defined. It was found that not all IFIs in which Russia participates are important from the point of view of the new paradigm of our country’s international financial relations. It is advisable for Russia to maintain its membership in most global and regional IFIs, provided that participation does not involve significant financial costs and does not imply the mandatory fulfillment of any requirements that contradict the country’s national interests. One of the key findings of the research is that within traditional IFIs it is extremely important for Russia to intensify cooperation with friendly countries (primarily with BRICS+) in order to strengthen its role and influence in the international arena.
Keywords: Russia, international financial institutions, regime of external sanctions, IMF, World Bank, BRICS+
JEL: F33, F36, G15, G21
For citation: Balyuk I.A., Balyuk M.A. (2025). Russia’s Participation in International Financial Institutions under External Sanctions: Problems and Prospects. Financial Journal, 17 (4), 8–25 (in Russ.). https://doi.org/10.31107/2075-1990-2025-4-8-25.
© Balyuk I.A., Balyuk M.A., 2025
E. V. Sinelnikova-Muryleva, E.D. Dzhaokhadze
Wholesale CBDC Payment Systems and the Potential of the Digital Ruble in Cross-border Settlements, p. 26-43
Abstract
A new payment infrastructure based on central bank digital currencies (CBDCs) can improve the efficiency of cross-border payments. Currently, the main focus of research in this area is on creating and testing the advantages of multi-CBDC platforms: preliminary results indicate the potential for making international payments faster, less expensive and more accessible. To build an effective cross-border payment infrastructure based on digital currencies, it is important that monetary authorities consider international payments, among other uses, when designing CBDCs. As one of the main elements of digital currency design, the IMF recommends that central banks consider access and communication issues, measures to ensure sufficient liquidity of foreign financial intermediaries, and measures to control possible risks such as the effect of exchange rate pass-through to consumer prices, capital flight and currency substitution. The economic community expects the digital ruble to be launched into circulation in 2026. It will be mainly used for domestic payments, but the Bank of Russia is also discussing the possibility of using it for cross-border payments. It is therefore important to discuss the conformity of the current design of the digital ruble with existing international standards and recommendations for the design of the CBDC with cross-border use in mind. Despite the fact that the current design of the digital ruble is primarily focused on the Russian financial market, it is relatively easy to reconfigure it for cross-border settlements.
Keywords: central bank digital currency, retail CBDC, wholesale CBDC, digital ruble, central bank, cross-border settlements
JEL: Е40, Е44, E51, F29, F33, F39
Funding: This article was prepared within the framework of the RANEPA state assignment research program.
For citation: Sinelnikova-Muryleva E.V., Dzhaokhadze E.D. (2025). Wholesale CBDC Payment Systems and the Potential of the Digital Ruble in Cross-border Settlements. Financial Journal, 17 (4), 26–43 (in Russ.). https://doi.org/10.31107/2075-1990-2025-4-26-43.
© Sinelnikova-Muryleva E.V., Dzhaokhadze E.D., 2025
G.V. Morunova, V.A. Fedosov, A.S. Saltykov
Financial Management Information Systems in Russia: Current State and Prospects of Development, p. 44-61
Abstract
Active development of information systems of the budget process in Russia and other countries actualizes the importance of research in this area. Without the use of information systems it is difficult to imagine the work of public authorities on budgeting and budget execution. The purpose of the study is to analyze the functioning of information systems that ensure the process of planning, execution and control of the execution of the federal budget and regional budgets, as well as to substantiate the prospective directions of their development. The object of the study is the financial management information systems in the Russian Federation and its constituent entities. In Russia at the regional level there is no unified model of implementation of information systems of public finance management, so the subjects of the Russian Federation acted in two main directions: development of their own information systems and purchase of standard software products from specialized developers. The study reveals that the following directions of development of financial management information systems in the Russian regions are possible: 1) a decentralized approach on the part of federal authorities with the possibility for Russian regions to use their own software solutions; 2) the creation of all-Russian financial management information systems (or a unified financial management information system) to which Russian regions can be connected. The article pays special attention to the second option, taking into account the need for a balanced and responsible policy in this area in order to preserve the regions’ ability to effectively implement the budget process while taking into account the existing practices.
Keywords: budget process, information systems, financial management information systems, digitalization, regions of the Russian Federation, public finance management
JEL: H10, H70
For citation: Morunova G.V., Fedosov V.A., Saltykov A.S. (2025). Financial Management Information Systems in Russia: Current State and Prospects of Development. Financial Journal, 17 (4), 44–61 (in Russ.). https://doi.org/10.31107/2075-1990-2025-4-44-61.
© Morunova G.V., Fedosov V.A., Saltykov A.S., 2025
M.E. Kosov, A.P. Platonov, S.B. Reshetnikov, T.K. Chernysheva
The Impact of Sanction Restrictions on the Financial and Banking Sectors of the Russian Federation, p. 62-82
The article was retracted on November 14, 2025.
L.Yu. Lysova, E.L. Prokopjeva
Potential for Long-term Money in Russia's Pension System, p. 83-103
Abstract
The key tasks for the Russian economy are to attract long-term financial resources and improve the standard of living of citizens of retirement age. The article examines mechanisms and tools for addressing these issues, drawing on foreign practices and the domestic potential of the pension system. The research methodology includes a comparative analysis of pension models in different countries and a summary of their characteristics, including sources of funding, age parameters, and income levels. Pension systems in different countries are ranked according to the level of pension payments in GDP and citizens’ participation in their pension provision. The study of the Russian pension system provides a chronology, pension provision indicators, and the profitability of pension reserves. It has been found that the share of non-state pension provision in the structure of citizens’ savings and investment products is insignificant. An assessment was made of the prospects for pension provision instruments — long-term savings programs and pension programs offered by life insurance companies; their advantages, risks, and role in the formation of investment resources were outlined. As a result, general trends were identified in the formation and implementation of pension provision in global practice, taking into account population aging and the increase in the retirement age, more active participation of employers and citizens in the formation of pension savings, and increased flexibility of pension plans considering the individual profile of the consumer. Foreign experience and domestic history of pension system’s formation are of interest for developing strategic directions for its development in Russia and increasing its efficiency. To address this issue, the authors propose the following measures: expanding programs to encourage employers and employees, including self-employed individuals, to participate in non-state pension provision; increasing the flexibility of individual pension plans offered by non-state pension funds; encouraging life insurance companies to participate in pension provision; modernizing and increasing the attractiveness of longterm savings programs and similar savings products for citizens. These measures will contribute to improving the standard of living of citizens in the medium and long term and can serve as a stable source of long-term funds in the economy.
Keywords: pension system, long money, investments, pension models, long-term savings program, life insurance
JEL: G23, H55, I38
For citation: Lysova L.Yu., Prokopjeva E.L. (2025). Potential for Long-term Money in Russia's Pension System. Financial Journal, 17 (4), 83–103 (in Russ.).
https://doi.org/10.31107/2075-1990-2025-4-83-103.
© Lysova L.Yu., Prokopjeva E.L., 2025
N.Yu. Kamenskaya, K.V. Shvandar, A.R. Grigoryev
Foreign Experience in Improving Pension Provision for Civil Servants, p. 104-118
Abstract
The relevance of studying the forms, methods and ways of providing pension services to the population of different countries of the world is not weakening. The reason is constant changes occurring in various spheres of national economies, and primarily in the structure of the labor force and population, as well as the state of financial markets. Without monitoring of the ongoing changes and development of measures to control and overcome negative trends (such as the rapid aging of the labor force observed in South Korea), it is difficult to promptly prevent the growing imbalances of the national pension systems. The purpose of this article is to present the results of a study of civil servants pension models in a number of countries with developed pension systems, including the United States, South Korea, South Africa, Canada and the Netherlands. The study revealed that most of the countries reviewed have recently undergone pension system reforms that affected civil servants’ pensions. At the same time, there are more differences than commonalities in the models of organization of pension provision for civil servants in these countries. Thus, there is a different degree of integration of pension provision for public and private sector employees, the shares of civil servants in the total labor force vary greatly, the rates of replacement of labor income by pensions differ almost twice, etc. However, the government in these countries has not only found an adequate balance between the levels of the pension system, but also constantly improves them depending on external and internal conditions, trying to maintain the stability of the national pension system.
Keywords: pension system, civil servant pensions, replacement rate, USA, South Korea, South Africa, Canada, Netherlands
JEL: H55, I38, J26
For citation: Kamenskaya N.Yu., Shvandar K.V. , Grigoryev A.R. (2025). Foreign Experience in Improving Pension Provision for Civil Servants. Financial Journal, 17 (4), 104–118 (in Russ.). https://doi.org/10.31107/2075-1990-2025-4-104-118.
© Kamenskaya N.Yu., Shvandar K.V. , Grigoryev A.R., 2025
I.V. Naumov, N.L. Nikulina, A.A. Bychkova
Modeling Scenarios and Forecasting Risks of Bankruptcy for Metallurgical Enterprises: The Case of the Sverdlovsk Region, p. 119-136
Abstract
The subject of the study is forecasting of the probability of bankruptcy of enterprises in the metallurgical industry. Particular attention is paid to assessing the impact of macroeconomic factors, such as currency exchange rate dynamics, investments in fixed capital, the degree of depreciation of fixed assets and asset turnover, on the financial stability of enterprises in the industry. The objective of the work is to develop scenario models for predicting the probability of bankruptcy of metallurgical enterprises in the Sverdlovsk Region using control variables characterizing the influence of economic factors. The authors used regression analysis and autoregressive modeling (ARIMA/ARMA). Inertial, extremely pessimistic and optimistic forecasts were constructed for changes in key factors affecting the stability of enterprises in the metallurgical sector (from the level of depreciation of fixed assets, the volume of investments in fixed capital, the production technologies used, the growth of foreign currency exchange rates, etc.), as well as corresponding forecast scenarios for the probability of their bankruptcy. Forecasting the probability of bankruptcy among metallurgical enterprises in the Sverdlovsk Region shows that large enterprises have moderate financial stability, while small and medium-sized enterprises are exposed to significant risks. The scenario analysis revealed the key role of technological renewal and investment in fixed assets as factors that increase the stability of enterprises. The methodological approach proposed in the paper allows to determine the financial stability of enterprises, assess the probability of their bankruptcy and the impact of the key factors using a regression model, forecast the dynamics of these factors using autoregressive modeling with a moving average, and design forecast scenarios. This approach can be applied in strategic planning and development of state support measures for enterprises aimed at reducing bankruptcy risks and ensuring sustainable development of the industry.
Keywords: probability of bankruptcy, regression analysis, ARIMA modeling, metallurgy, forecast, region
JEL: G33
Funding: The research was funded by the Russian Science Foundation grant No. 24-28-00704 "Modeling Scenarios and Forecasting Risks of Bankruptcy in Industries in the Sverdlovsk Region" (https://rscf.ru/project/24-28-00704/).
For citation: Naumov I.V., Nikulina N.L., Bychkova A.A. (2025). Modeling Scenarios and Forecasting Risks of Bankruptcy for Metallurgical Enterprises: The Case of the Sverdlovsk Region. Financial Journal, 17 (4), 119–136 (in Russ.). https://doi.org/10.31107/2075-1990-2025-4-119-136.
© Naumov I.V., Nikulina N.L., Bychkova A.A., 2025
