Abstract: The article examines the role of investment cooperation within the framework of the BRICS as an alternative mechanism for attracting foreign direct investment into the Russian economy in the face of sanctions pressure, which led to the disruption of its international investment ties. Since 2022, Western countries have practically curtailed their investment presence in Russia or frozen assets as part of sanctions. Under these conditions, the importance of the BRICS association has increased, the participants of which collectively form the largest «non-Western» investment block of the world economy. The study aims to analyze investment cooperation between Russia and the BRICS+ countries, assess its real scale, identify conditions and barriers to its expansion, and identify areas for the development and improvement of public investment policy, taking into account certain problems and key areas of development. The object of the study is investment cooperation within the framework of the BRICS, and its subject is the mechanisms, dynamics and institutional conditions for attracting FDI from the BRICS countries to the Russian economy. The research is based on general scientific methodology, as well as statistical data from national banks, international organizations and analytical centers. According to the results of the study, the BRICS countries are taking an increasingly important position in the global investment space, which means a structural shift in favor of non-Western centers of capital attraction. However, Russia found itself sidelined from this investment dynamic, the main reasons for which were the instability of the BRICS institutional architecture in the face of sanctions pressure and the threat of secondary sanctions. A number of areas have been identified for improving Russia's investment policy in the context of cooperation with BRICS partners (development of special investment regimes, accelerating the formation of an investment settlement infrastructure in national currencies and central securities, partial restructuring of the NBR in relation to the Russian position, and reorientation of investment priorities to technological sectors). Scenarios for further development of investment cooperation in the BRICS-Russia format are presented.

Keywords: BRICS, foreign direct investment, international investment position, sanctions, New Development Bank, pool of foreign exchange reserves, alternative investment channels, friendly jurisdictions, secondary sanctions, investment cooperation

Abstract: The article addresses the pressing issue of early detection of market regime shifts in the Russian stock market. To this end, a new indicator is proposed — vector acceleration α, computed as the difference between successive values of the co-direction coefficient λ. The analysis is conducted on extensive data from the MOEX index for the period 2013–2024, which encompasses three major shocks: the 2014 sanctions, the COVID‑19 pandemic, and the 2022 geopolitical crisis. Vector acceleration serves as a leading indicator: its shift into negative territory and a sharp increase in volatility signal structural shifts at early stages, before they become apparent in price movements. For each shock, the mean acceleration, standard deviation, and the share of extreme days are calculated. The original data are normalized into a two-dimensional time–price space; movement vectors and a trend vector are constructed within a 20-day rolling window, after which λ is obtained as a normalized projection. The acceleration response differs qualitatively depending on the nature of the shock: during the 2014 sanctions, acceleration stays near zero with moderate volatility; the 2020 pandemic produces a sharp but quickly fading spike; the 2022 geopolitical crisis is accompanied by a record drop in mean acceleration (-0.47) and abnormally high volatility (1.22), indicating a full-scale regime change. The scientific novelty consists in applying this indicator for the early quantitative diagnosis of market regime shifts: unlike existing domestic studies, the proposed indicator measures not the aftermath of shocks but the speed at which market coherence is lost in real time. The findings suggest that vector acceleration can serve as an additional risk-management tool, suitable for both retail investors and professional managers in the timely recognition of structural shifts.

Keywords: vector acceleration, market regimes, MOEX index, early detection, risk management, codirectional coefficient, early warning, stock market, volatility, exogenous shocks

Abstract: The subject of the study is the applicability of return on investment (ROI) and social return on investment (SROI) indicators to assessing the communication activity of state-owned enterprises. The purpose of the work is to determine the boundaries of the correct application of these indicators. The methodological basis of the study comprises comparative and institutional analysis, together with the decomposition of the calculation premises of value-based assessment. There are three such premises. The object of assessment should have its own budget and a measurable result, the contribution of communications to this result should be separable from the influence of other factors, and social outcomes should be given a justified monetary expression. It is shown that these requirements are met by individual communication projects and campaigns with a limited implementation period and a predefined audience. The ongoing communication activity of state-owned enterprises goes beyond these boundaries. Its costs are spread across management levels and adjacent services, its effect accrues to many groups of audiences at once, and some of the data needed for calculation cannot be disclosed due to regulatory restrictions. The scientific novelty of the work lies in systematizing these features and relating them to the calculation premises of value-based models. It is concluded that ROI and SROI are suitable for assessing individual communication programs where internal management information is available and calculation assumptions are disclosed. These indicators alone are insufficient for assessing ongoing communication activity, and the final judgment on effectiveness requires consideration of the institutional conditions in which the company operates.

Keywords: corporate communications, state participation, value-based assessment, return on investment, ROI indicator, SROI indicator, effect attribution, institutional constraints, proxy metrics, discount rate

Abstract: The specifics of the fuel and energy complex, which includes distributed electricity and heating networks, pipeline infrastructure, large facilities for the extraction and processing of energy resources, as well as many other production facilities and equipment, necessitate the use of technologies that allow creating virtual models of real objects and providing mathematical and simulation modeling, in particular digital counterparts. The subject of the research is the processes of formation and functioning of the digital twin of the fuel and energy complex of the Russian Federation. Based on two current challenges, namely the trend observed in global and Russian practice towards a decrease in the energy profitability of oil and gas production and the need to increase energy efficiency in the use of energy resources, digital twins can act as one of the key technologies for increasing the competitiveness of the Russian fuel and energy complex and related sectors of the economy. The work uses methods of information analysis and generalization, a structural and functional approach, a comparative analysis of scientific sources, as well as an analysis of the regulatory framework. The scientific novelty lies in substantiating the concept of the digital twin of the fuel and energy complex as an integrated system of digital models, shadows and twins united by a common architecture and semantic space. Considering that the data and models of digital twins used in companies can be useful for other economic entities and government agencies, as well as taking into account the potential for combining a large number of digital twins into a single industry-wide digital twin to improve the efficiency of public administration and make informed strategic and tactical decisions, the article discusses the prospects for creating the digital twin of the fuel and energy complex of the Russian Federation. The paper reveals the specifics of its functioning and identifies potential risks of development and implementation. The results of the study can be taken into account when developing state policy in the field of fuel and energy complex in terms of the implementation of projects (initiatives) in the field of digital twins.

Keywords: digital transformation, digital model, digital shadow, digital twin, digital twin prototype, fuel and energy complex, digital ecosystem, information systems, information infrastructure, information environment

Abstract: The subject of the research is the assessment of consumer preferences of residents of Moscow and the Moscow region regarding fish pâté enriched with a high-protein mineral complex (HPMC) based on fish powder from the tail fins of chum salmon. The object of the research is the segment of the pâté market and the behavior of the target audience when choosing functional products. The author examines in detail aspects such as the frequency of pâté and fish product consumption, criteria for product selection (taste, naturalness, price, nutritional value), the level of consumer awareness about functional additives and specifically about HPMC, as well as the willingness to purchase an innovative product. Special attention is given to analyzing factors that can stimulate purchases, such as the informational transparency of packaging, pricing policies, tastings, and expert recommendations. The research was conducted through a voluntary anonymous online survey from November 2025 to February 2026. The sample consisted of 364 respondents – residents of Moscow and the Moscow region, representing the economically active population. Statistical data processing was performed using descriptive statistical methods, and the results were visualized in the form of pie and bar charts. The novelty of the research lies in the comprehensive assessment of the market potential for fish pâté with HPMC – a functional product created using secondary fish raw materials, which aligns with the principles of zero-waste production and rational natural resource use. A significant contribution of the authors to the research is the identification of specific barriers and drivers for consumer acceptance of the novelty: a low awareness of the term "high-protein mineral complex" (47% of respondents are unfamiliar with it) along with a high willingness to purchase (76% expressed intent to buy the product). The main conclusions of the conducted research include: 88% of survey participants have a neutral or positive attitude towards the idea of enriching pâté with HPMC; consumers consider the key attractive properties of the product to be the increased protein content (78%) and mineral substances (72%); the optimal price markup should not exceed 10% – this price threshold is acceptable to 43% of potential buyers. The results confirm the economic feasibility of launching industrial production of fish pâté with HPMC and allow for the formulation of a well-founded market entry strategy, including an educational campaign, effective positioning, and organization of tastings.

Keywords: fish pate, high-protein mineral complex, fish powder, consumer preferences, functional products, enriched food products, sociological survey, nutritional value, market strategy, price elasticity