On some aspects of the regulatory impact on the Russian financial market under the sanctions of unfriendly states

Gorokhova Svetlana Sergeevna ORCID: 0000-0002-4919-1093 PhD in Law Associate Professor; Department of International and Public Law; Financial University under the Government of the Russian Federation 109456, Russia, Moscow, 38 Shcherbakovskaya str., room 805 Swettalana@yandex.ru Other publications by this author

The sanctions imposed by unfriendly States against the Russian Federation are of global importance in the context of modern international relations and the geopolitical situation. Due to the fact that Russia and its economy are now in the unique position of the state against which the largest number of sanctions have been imposed, the study of these sanctions, the analysis of their impact on various subsystems of society and the state, the systematization of the results obtained has an importance that is extremely difficult to overestimate. First, it will allow us to understand what effect sanctions have on the country and how they affect its international relations and external economic exchange. Secondly, it can help to determine the understanding of long-term and short-term impacts on Russian politics and economy, as well as on the global economy as a whole. Thirdly, the study of the effect of sanctions pressure and its consequences on the Russian financial market can assist state and non-state actors in developing anti-crisis strategies and action plans, which may include an analysis of the risks and opportunities associated with such sanctions, as well as the identification of alternative development paths to minimize the negative impact on the country. In addition, the unprecedented nature of the current historical period dictates the need to form fundamentally new approaches to the organization and regulation of economic activity, which would not only preserve the existing potential, but also maximize it, taking into account further quite likely geopolitical changes. Such scientists as G.F.Ruchkina, I.I.Shuvalov, A.A. Alexandrova, T.V.Uvakina, and other researchers whose works are mentioned in this article devoted their works to the impact of anti-Russian sanctions on the country's financial system, as well as to certain problems of regulatory impact on the domestic financial market. However, taking into account the multifaceted, extraordinary and acute nature of the current situation, as well as taking into account the rapidity of its change, the current volume of research, for objective reasons, can hardly be considered exhaustive and sufficient.

So, the Russian Federation has been under sanctions pressure for quite a long time. If we do not touch on the sanctions that were in force back in Soviet times, then 2014 can be considered a new milestone of sanctions pressure on our country, when the constituent entity of the Russian Federation was replenished with two more regions – the Republic of Crimea and the federal city of Sevastopol. It was then that the United States and the countries of the European Union imposed a number of economic sanctions against Russia. Then, in light of the aggravation of the situation in Ukraine in February 2022, Canada, Australia, Japan, Norway, Switzerland, Turkey, Iceland and many other countries also joined the anti-Russian sanctions policy. At the moment, the sanctions pressure has covered virtually all areas of the functioning of the state and many areas of society. At the same time, the process of increasing pressure through the introduction of new sanctions is far from over.

From the beginning of February 2022 to the present, 16,911 sanctions have been imposed on Russia (Sanctions against Russia: current statistics // x-compliance.ru : https://x-compliance.ru/statistics ?ysclid=lzjqq2f19i615453353 (accessed 08.08.2024)). Moreover, in addition to an increase in the number of direct sanctions, the trend of introducing secondary sanctions is increasing, limiting the possibilities of cooperation between third countries and Russia. For example, in August 2024, the United States, trying to prevent the export of American high-tech goods to the Russian Federation through Turkey, imposed restrictions on the purchase of such goods by a number of Turkish companies (the United States accused Turkey of circumventing anti-Russian sanctions // https://ria.ru/20240807/turtsiya-1964601909.html (date of application: 08.08.2024)).

The most severe and painful for Russia are sanctions against the financial sector, the goals of which are: the collapse of the budget system, the banking crisis, the entropy of the currency and stock market segments.

In particular, the sanctions:

The access of Russian financial institutions to foreign capital was limited, which increased the cost of borrowed funds and made it more difficult to attract them. Banks and other companies have experienced a lack of financing, rising interest rates, and a decrease in potential lending;

determined the curtailment of foreign direct investment in energy, finance, transport, and other spheres;

put pressure on the Russian ruble, which caused a decrease in the value of Russian money relative to other world currencies;

limited the availability of some foreign technologies and financial services for domestic companies. This has particularly affected industries that depend on imports of technology and capital, such as energy, the military-industrial complex and the financial sector.

All these consequences have significantly destabilized the economic situation and determined fundamentally new conditions for the functioning of the Russian economy in general, and the financial system in particular.

In order to promptly counteract the impact of sanctions on the institutions of the domestic economy, public authorities, together with the Central Bank of Russia, began to forcefully implement anti-crisis policy, using the tools of regulatory relief, and providing state support to both the sub-sanctioned entities themselves and individual sectors of the economy directly or indirectly affected by the crisis.^[1]

To ensure the security of the Russian financial market, the following has been implemented:

Russian companies and financial institutions have begun an active search for alternative sources of financing, giving preference to domestic and developing country markets, thereby reducing the risk of dependence on foreign markets and resources. This has made it possible to diversify and expand sources of financing and investments;

Measures have been taken to develop the domestic financial market, including improving regulatory efficiency, strengthening property rights and facilitating access to financial services, which helped ensure sufficient stability of the financial system;

the Government has initiated measures to support Russian banks and other financial institutions, helping them cope with adverse conditions and reduce the risks associated with sanctions;

Measures have been implemented to strengthen the ruble and stabilize the foreign exchange market, including conducting monetary policy, changing the exchange rate regime and the active participation of the regulator in the activities of the foreign exchange market.

All this has strengthened the Russian financial market and mitigated the negative effects of sanctions.

Analyzing the measures taken by the Government of the Russian Federation, I.I. Shuvalov writes about two mutually dependent directions of the state anti-crisis policy: mobilization of domestic resources; and redirection of interstate relations associated with the transformation of international financial markets.^[2] At the same time, the key vector is precisely the revitalization and full use of domestic resources. Although, of course, the search for new external partners is also a priority area of the counter-sanctions policy.

It should be noted that the chosen anti-crisis mechanism turned out to be quite effective in terms of leveling the negative effects of sanctions on the Russian economy. Moreover, the "boomerang" effect for unfriendly countries is also noticeable, expressed in increased costs and negative consequences for themselves.^[3] Therefore, speaking about Russia's problems in the financial and economic sphere provoked by the imposed sanctions, one cannot but say that the situation in the leading economies of the world is also far from ideal. This is evidenced by the slowdown in GDP growth, and most recently by the decline in the stock market of the United States and other countries (The investor commented on the fall of the US stock market // https://ria.ru/20240806/rynki-1964298919.html (date of circulation: 08.08.2024)), caused primarily by the increase in the key rate in Japan, which occurred for the first time in the last 17 years (End of the carry trade: how Japan collapsed world markets // https://iz.ru/1738488/dmitrii-migunov/konetc-kerri-treida-kak-iaponiia-obvalila-mirovye-rynki ?ysclid=lzjs81f6pg560965126 (accessed 08.08.2024)), and rising unemployment in many countries. Of course, a whole range of reasons plays a role here, but the fact that the reverse effect of the sanctions imposed on Russia may be involved in the current situation cannot be denied either.

There is also another positive aspect associated with the withdrawal of certain foreign goods and services from the Russian market - the replacement of vacant niches from products from unfriendly countries not only through parallel imports, but also goods produced in other regions of the world, and most importantly - domestic products.^[4]

Therefore, already in 2023 it became possible to talk about some stabilization at the moment of the domestic financial market and the revival of the development of its main segments.

However, it should be noted that this is only a situation of the moment, the effectiveness of the measures taken in the future may be limited, and sanctions will continue to be a significant challenge. The complexity of the situation, among other things, is evidenced by the significant budget deficit of the Russian Federation for 2024, which is included in the main financial plan of the state in the amount of 1.1% of GDP. Moreover, the forecasts are still quite justified, since according to the Ministry of Finance of the Russian Federation, according to the results of the first seven months of the year, the federal budget is closed with a deficit of 0.7% of GDP (Preliminary assessment of the federal budget execution in January-July 2024 // https://minfin.gov.ru/ru/press-center?id_4=39208 (date of application: 08.08.2024)). The size of the NWF is also decreasing (National Welfare Fund of the Russian Federation // https://ratestats.com/funds/fnb / (date of access: 08.08.2024)).

One of the most precarious elements today is the situation with the lack of technological sovereignty of the Russian Federation.

The situation has made changes in the choice of priority areas of scientific research, making a serious adjustment to the course of scientific and technical development, shifting the focus from developing technologies that can increase the prestige of Russian science on the world stage (creating a foundation for improving the competitiveness of the economy in the future), and unequivocally emphasizing the most urgent need to replace foreign critically vital infrastructure in the Russian market technologies that the country has virtually stopped accessing at the moment.

Like some other countries before us, we have entered an era of struggle for the preservation of sovereignty in the technological sphere and the implementation of structural adaptation of the economy to the new realities of geopolitical existence.

We believe that in this regard, the key act that should be mentioned is the Decree of the Government of the Russian Federation No. 603 (Decree of the Government of the Russian Federation dated 04/15/2023 No. 603 "On approval of priority areas of projects of technological sovereignty and projects of structural adaptation of the Economy of the Russian Federation and Regulations on the Conditions for classifying projects as projects of technological sovereignty and projects of structural adaptation of the Economy of the Russian Federation, on providing information on projects of technological sovereignty and projects of structural adaptation of the economy of the Russian Federation and maintaining a register of these projects, as well as on the requirements for organizations authorized to submit conclusions on the compliance of projects with the requirements for projects of technological sovereignty and projects of structural adaptation of the economy of the Russian Federation" // Collection of Legislation of the Russian Federation, 04/24/2023, No. 17, art. 3141).

This act, adopted in April 2023, fixed the most important and significant directions for the country's projects of technological sovereignty and structural adaptation of the economy, as well as vectors of Russia's state policy to develop investment activities and attract extra-budgetary funds to projects related to achieving technological sovereignty and adapting the domestic economy to technological famine.

Another landmark act in this area is the Concept of technological development for the period up to 2030 (Decree of the Government of the Russian Federation dated 05/20/2023 No. 1315-r "On approval of the Concept of technological development for the period up to 2030" // Collection of Legislation of the Russian Federation, 05/29/2023, No. 22, Article 3964).

From the very beginning, the Concept sets up all potential readers in an extremely serious way, stating that: "The technological development of the Russian Federation in the medium term will be influenced, on the one hand, by a number of external and internal threats of technological lag and degradation of the Russian economy, on the other hand, by new opportunities to accelerate its innovation-oriented growth" (paragraph the first, subsection I, section III). At the same time, our country is repeatedly lagging behind other states – western and eastern competitors, both in the field of development and creation of information and digital technological solutions, as well as in the field of biomedical and pharmaceutical technologies. There is also a lag in the speed of innovation-oriented economic growth, provoked by insufficient motivation of creators and developers of technical and technological innovations, lack of finance and a small capacity of the domestic market. In general, it should be recognized that Russian business, as a whole, is not interested in its own exclusive innovations in the field of technology, both due to the low competition taking place, and based on the systematic practice of using ready-made technological solutions acquired abroad before the introduction of sanctions restrictions on technology import. Due to this, the key indicators of Russian business activity in the field of innovation are much inferior to the leading states in the technology segment. Thus, the share of innovative goods (services) in the total volume of shipped goods (services) in 2022 in the Russian Federation was 5.1%, whereas in technologically developed European countries it exceeded the value of 15% (Decree of the Government of the Russian Federation dated 05/20/2023 No. 1315-r "On approval of the Concept of Technological development for the period up to 2030" // Collection of legislation of the Russian Federation, 05/29/2023, No. 22, Article 3964). And, unfortunately, the backlog tends to increase, which means that additional measures are needed to restructure the economic system, which certainly require significant new financial and other resources, which now, and at least in the medium term, can be provided primarily through the use of their own internal reserves.^[5] Therefore, it is necessary to carry out an audit of all the possibilities that have not yet been used, including the hidden reserves of the financial market, whose role in the formation of the required resources should be reviewed in the direction of strengthening, and qualitatively changed, including through the formation of new and improving the effectiveness of existing transformational instruments of savings into investments, as well as the development of financial infrastructure, in general.

It should be noted that this process has already begun, in particular, at the beginning of 2023, the Government of the Russian Federation developed and approved a Strategy for the development of the financial market for the period up to 2030 (Decree of the Government of the Russian Federation dated 12/29/2022 No. 4355-r (ed. dated 12/21/2023) "On approval of the Strategy for the development of the financial market of the Russian Federation until 2030" // Collection of Legislation RF, 02.01.2023, No. 1 (Part III), Article 476), which, focusing on improving the standard of living of citizens, promoting economic growth through the use of the entire set of financial market instruments, is ultimately aimed at creating conditions for sustainable development of the financial market.

In the Decree of the President of the Russian Federation "On the National Security Strategy of the Russian Federation" (Decree of the President of the Russian Federation dated 07/02/2021 No. 400 "On the National Security Strategy of the Russian Federation" // Collection of Legislation of the Russian Federation", 07/05/2021, No. 27 (Part II), Article 5351), in paragraph 16, paragraph 67 of the section devoted to ensuring economic security It is determined that the achievement of security objectives is carried out, among other things, by strengthening the financial system, including the development of the national infrastructure of financial markets (hereinafter referred to as the IGF) with all its member organizations.

The main directions of development of the financial market of the Russian Federation for 2022 and the period 2023 and 2024 ("The main directions of development of the financial market of the Russian Federation for 2022 and the period 2023 and 2024". – The Bank of Russia. // URL : https://www.cbr.ru (date of reference: 08.08.2024)), also contain a structural section dedicated to the IGF, which further confirms its high importance, as well as the importance of improving the regulation of the activities of organizations that are constituent elements of the IGF.

Nevertheless, despite the exceptional importance of consolidating the IGF as a phenomenon and institution in the legal field, strategically confirmed back in 2021 in the state's policy documents, there is still no definition of IGF as a legal legal definition in domestic legislation. In law enforcement practice, only the unofficial version of the definition of the IGF, indicated on the website of the Bank of Russia (Financial Market Infrastructure. // URL: https://www.cbr.ru/eng/finm_infrastructure /#:~: text=Financial%20market%20infrastructure%20means%20special,the%20efficient%20functioning%20of%20the (accessed 08.08.2024)), stating that these are special institutions that support transactions with financial assets, monitor and settle such transactions, register and transfer rights to financial assets, as well as collect, store and provide information necessary for the effective functioning of the financial market.

Such an essentially doctrinal definition is constructed by listing the individual functions of its constituent bodies and organizations. At the same time, it does not reveal the essence of the infrastructure as such, nor does it determine its significance for all participants in the financial market.^[6]

In this regard, experts in the field of financial law and researchers of this issue insist on the need to legislate the positioning of the IGF in the financial market system,^[7] having given the IGF the definition of a set of organizations that provide conditions for the movement of free cash and other financial instruments between financial market participants with the help of organizational and technological support.

This version of the definition is also supported by the fact that among a significant number of infrastructure organizations there is a trend towards the universalization of the activities of participants covering several segments of the financial market.^[8] At the moment, the Bank of Russia is in the process of unifying the requirements for them, while simultaneously improving the procedure for admission to the market. For example, a unified register of financial market participants (ERUFR) is being formed, the implementation of which will provide interested parties with access to information in digital format on the availability of the relevant right (license) for market participants (the Duma Committee approved the powers of the Central Bank to maintain a unified register of financial market participants // https://arb.ru/b2b/news/komitet_dumy_odobril_polnomochiya_tsb_o_vedenii_edinogo_reestra_uchastnikov_finr-10662111 / (date of access: 08.08.2024)). Previously, for such verification, it was necessary to search for information about each type of participant in separate registries (Report "Improving access to the financial market". URL: https://cbr.ru/press/eve No.t/?id=8404 (date of access: 08.08.2024)).

The infrastructure of the financial market is gradually changing, which confirms the need to unify the regulation of the activities of these organizations, based on the application of the concept of an infrastructure organization as a single separate object of regulation.

In the era of geopolitical transformation, it is extremely timely to develop our own domestic standards regulating the status of organizations in the financial market in order to ensure the continuity of their activities and the development of the domestic financial market.^[9]

In the "Main directions of development of the financial market of the Russian Federation for 2024 and the period 2025 and 2026" (Bulletin of the Bank of Russia, No. 5, 01/23/2024), 5 key directions of development of this market are formalized (increasing the role of the financial market in economic transformation, protecting the rights of consumers of services and investors, digitalization, transformation of the payment system and increasing financial stability), within the framework of which it is planned to solve a number of tasks that determine further steps to improve the regulatory impact on the financial market. Let's look at some of these areas and tasks in more detail.

Increasing the role of the financial market in financing the transformation of the economy while maintaining the stability of the financial sector is obviously the most important vector for the development of the financial market in the modern period, since the specifics of the current situation, which we have already written about earlier, urgently requires reformatting the domestic economy to ensure its stable viability and growth in the long term. And the financial market should play one of the key roles here.

To implement this direction, the following tasks are supposed to be solved, in particular, the development of financial and organizational tools for long-term savings and investments for the Russian population.^[10]

Activating the process of transferring depositors' savings into long-term investment projects has always been among the top priorities of the Central Bank of the Russian Federation.^[11] This was emphasized, in particular, in the Concept of improving the mechanism of an individual investment account (The concept of improving the mechanism of an individual investment account to stimulate long-term investments in the Russian Federation / Information and analytical material // URL: http://www.cbr.ru/co te no.t/document no.t/file/113355/co no._29102020.pdf (date addresses: 08.08.2024)). Over the past three years since the adoption of this Concept, the need for such a transformation has only increased. Although it is not necessary to say that the interest in investing among citizens has grown to the extent necessary for the domestic economy. Unfortunately, Rosstat does not yet provide statistics for 2023 on the structure of investment resources, there are only unofficial figures (Overview: investment growth by the end of 2023 was noted in 64 regions // https://riarating.ru/regions/20240326/630260144.html ?ysclid=lzl4budrnn743278981 (accessed 08.08.2024)), but the data for previous years look quite eloquent (Investments in Russia. 2023: Stat.sat./ Rosstat. - M., 2023). In 2022, investment activity is falling in general, and the segment of investment by citizens has also decreased. In 2023, the situation has changed somewhat, but not dramatically. In addition, analysts emphasize that the increase in investment activity in 2023 is mainly due (due to rising prices for goods and logistics) to the need to invest more heavily in completing previously started projects. In any case, the recorded increase in investment activity of both qualified investors and unqualified citizen investors takes place only in comparison with the strongest drop in 2022 and has not yet reached the level of 2021 (Investments of Russians on the stock exchange increased by more than 50%, exceeding 9 trillion rubles // RBC: https://quote.rbc.ru/news/article/65f1d2f29a79474318d1b665 ?ysclid=lzl4q7o5ch419973192&from=copy (accessed 08.08.2024)).

This problem, of course, needs to be resolved, and one of the ways to attract funds from unskilled investors to the economy may be the development of social co-financing (participatory financing) based on public-private partnership, where the private party is a group of individuals - end users (owners) of such projects.^[12]

Of course, for the effective use of participatory financing, it is necessary to create legal conditions governing the mechanism of uniting unqualified investors (in order to represent their interests) as a private party to the partnership, since the effective implementation of partner projects is not feasible without effective management tools.^[13] Such a tool could be a mutual investment fund (hereinafter referred to as a mutual fund), combining the funds of unqualified investors.

Simultaneously with the development of the capital market, the role of partner financing (correlated in properties with the so-called Islamic banking) is also increasing. The federal law regulating the establishment of partner financing in certain regions of the EPR was adopted by the State Duma in August 2023 (Federal Law No. 417-FZ dated 08/04/2023 "On Conducting an Experiment to establish special Regulation in order to create the necessary conditions for the implementation of partner financing activities in Certain Subjects of the Russian Federation and on Amendments to Certain Legislative Acts acts of the Russian Federation" // Collection of Legislation of the Russian Federation, 08/07/2023, No. 32 (Part I), art. 6149). We believe that the legal construction of mutual funds previously given in the context of public-private partnership can be successfully applied here.^[12]

Separately, it should be noted that at present the mega-regulator has not created units responsible for supervision within the framework of the implementation of the Law on Partner Financing in terms of compliance with Islamic banking. We believe that such a unit should be created, assigning it accreditation functions in relation to persons who may be members of the boards in organizations participating in the experiment.

The issue related to the protection of violated rights of participants within the framework of partner financing also needs to be resolved. The most promising here, as G.F.Ruchkina notes, may be the organization of arbitration proceedings in both one-time and permanent arbitration courts with arbitrators who have the necessary qualifications in the field of Islamic law. ^[14]

To increase the involvement of citizen investors, the Central Bank of the Russian Federation is also expanding the tools of long-term savings and investments (individual investment accounts (hereinafter referred to as IIS), long-term savings programs, shared life insurance), as well as activities to increase the effectiveness and reliability of state support for such instruments (guarantees, provision of tax incentives, etc.) ("Basic directions of the unified state monetary policy for 2024 and the period 2025 and 2026" (approved by the Bank of Russia) // cbr.ru ).

The relaunch of funded pensions, the creation of conditions for corporate programs and personal savings, the introduction of IIS-3, long-term savings programs are also important steps along this path.^[15]

It should also be recalled about non–governmental pension provision (hereinafter referred to as NGO), which, in addition to being an important element of the pension system, serves as another tool for long-term investment. However, over the past decade, this institution has been stagnating in our country under the influence of socio-economic reasons, coupled with citizens' distrust of the pension system, the complexity of NGO products, lack of financial incentives, as well as poor awareness. Thus, according to the Central Bank of the Russian Federation, the number of recipients of regular payments from NPFs in 2023 decreased by 25 thousand people compared to 2022, and by 102 thousand people compared to 2019. At the same time, there are currently 1476,000 pension recipients from NPFs. (Dynamic series of the main performance indicators of non-state pension funds // https://cbr.ru/statistics/RSCI/npf_stat/#t4 (date of application: 08.08.2024)). Meanwhile, the total number of pensioners in 2024 reached 41075,000 people according to Rosstat (The older generation // https://rosstat.gov.ru/folder/13877 (date of application: 08.08.2024)), which means that 3.59% of today's pensioners used the services of NGOs.

This situation suggests that drastic changes are needed to increase the popularity of this system among citizens and encourage them to participate in it. It is necessary to create long-term savings programs with state support and tax incentives, which will be operated by NPFs, among others, and citizens' funds in this program will be able to be replenished, in particular, at the expense of their savings formed in the compulsory pension insurance system (Decree of the Government of the Russian Federation dated 12/29/2022 No. 4355-r (ed. dated 12/21/2023) "On approval of the Strategy for the development of the financial market of the Russian Federation until 2030" //Collection of Legislation of the Russian Federation, 02.01.2023, No. 1 (Part III), Article 476).

In many ways, the increase in investment activity of the population is hindered by quite rational arguments that only some investment instruments have investment protection and a possible income is known in advance (for example, government bonds). But with corporate bonds, not everything is so clear - the company may go bankrupt, and then no one guarantees compensation for losses. There is a risk that payments will not occur soon and not in full. It is even more difficult with stocks, where the investor risks not only not getting income, but also losing investments if their price falls. A striking example of this situation is Gazprom shares, which have lost almost 25% in price over the past year alone, although they were previously the most reliable and profitable investment for Russians (https://investfunds.ru/stocks/Gazprom /?ysclid=lzl9fcn82399025816 (accessed 08.08.2024)). On the other hand, stocks may rise in price, but an inexperienced unqualified investor may miss the most appropriate moment to sell. This means that you need to learn how to work with investment instruments.

Consumers of financial services should be able to navigate well in the products and services offered to them. To do this, they must have the basic skills of correct behavior in the financial market. Work should continue on the preparation of educational materials on financial literacy aimed at various groups of consumers of financial services. Today, relevant topics include the issues of investing personal funds, the safe use of digital technologies in the financial market (roboadvisors, marketplaces, e-commerce), and the search for reliable sources of information.^[16]

That is, in order to solve the task of developing tools for long-term savings and investments for citizens, it is not enough to expand their investment opportunities, it is also necessary to ensure financial literacy of the population, minimize investment risks as much as possible, and of course increase citizens' trust in financial institutions and investment intermediaries. The formation of people's trust in the capital market, the protection of the rights of investors and consumers of financial products are critically important for the transformation of private savings into investments. Therefore, it may be necessary to focus the attention of citizens on those types of investments where there is state protection, leaving riskier investments to qualified investors.

At the same time, of course, it is important that consumers interested in riskier, but also more profitable investments have access to all the tools they need for savings and investments on different horizons in relation to their goals and needs.

Capital investments are also far from an easy topic for the Russian economy. Although, it is precisely such investments that not only contribute to technological progress, but also provide additional employment for the population.^[17]

It is especially important to ensure the inflow of investments against the background of increased sanctions, although this was a very urgent issue before. It is no coincidence that the Government of the Russian Federation, back in 2018, before the introduction of major sanctions against Russia, took actions aimed at accelerating the growth of capital investments in fixed assets, as well as ensuring conditions for attracting foreign investment into the economy (The main activities of the Government of the Russian Federation for the period up to 2024 (approved By the Government of the Russian Federation on 29.09.2018 No. 8028p-P13) // SPS ConsultantPlus).

The implementation of the tasks assigned was assigned to the Ministry of Economic Development of the Russian Federation, the key criterion of the work was the development and reconstruction of domestic economy and industries with a scientific and technological base (including abroad) for research and development (Investment activities. The official website of the Ministry of Economic Development of Russia. // URL: https://www.economy.gov.ru/material/directions/investicionnaya_deyatelnost / (date of access: 08.08.2024)). However, despite the actively pursued policy of attracting investments, foreign investors are not in a hurry to enter the Russian market. This means that it is necessary to create even more favorable conditions for entrepreneurs-compatriots.

Among the main areas of state support, it should be noted: the use of territorial development tools, for example, the creation of a free economic zone in the newly annexed regions of Russia (Maintaining investment activity requires new mechanisms to support and involve the authorities of the subjects: St. Petersburg International Economic Forum. URL: https://forumspb.com/news/news/sohranenie-investitsionnoj-aktivnosti-trebuet-novyh-mehanizmov-podderzhki-i-vovlechenija-vlastej-subektov-/?lang=ru (date of circulation: 08.08.2024)); expansion of the scope of application of experimental legal regimes in promising industries (for example, the turnover of digital currency and digital rights);^[18] replenishment of the range of preferential tax regimes;^[19] budgetary investments and investments of state development institutions in financing organizations of strategic state importance (for example, a project finance factory tool);^[20] consulting support in promising industries, in entering the stock exchange; etc.

Summing up, it should be noted that in the current situation of unprecedented sanctions pressure on the country, the importance of competent and systemic regulatory impact on the domestic financial market is of key importance for the stabilization of the Russian economy. Taking into account the multidimensional nature of the existing problems, an integrated approach to their solution is also needed, which, among other things, should include a well-thought-out legal policy in the field of regulating the activities of participants in the financial market infrastructure, improving mechanisms for attracting domestic investment from both qualified and unskilled investors, in particular through the development of participatory and partner financing institutions, NGOs, etc. It is necessary to review the provisions and the investment legislation itself in order to increase the guarantee of the safety of invested funds. Measures should also be taken to intensify the use of financial instruments to resolve the situation with the technological dependence of the state on foreign technologies and to solve the problem of technological sovereignty.