Outcomes of Russia’s strategic development in January-April 2023 are better than pessimistic forecasts

DOI: 10.33917/es-4.190.2023.86-91

The author dwells on the change in the market index of “Economic Strategies” (MIES) for the first four months of 2023.

Contribution of supply and demand indicators to the MIES is assessed. Analysis of industrial production is carried out.


1. Sotsial’no-ekonomicheskoe polozhenie Rossii v yanvare — mae 2023 goda: Doklad [Socio-Economic Situation in Russia in January-May 2023: Report]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/storage/mediabank/osn-05-2023.pdf.

2. Sotsial’no-ekonomicheskoe polozhenie Rossii v yanvare — aprele 2022 goda: Doklad [Socio-Economic Situation in Russia in January-April 2022: Report]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/storage/mediabank/osn-01-2023.pdf.

3. Frenkel’ A.A., Tikhomirov B.I., Surkov A.A. “Nepredskazuemye” itogi 2022 goda i potentsial’nye ugrozy strategicheskomu razvitiyu Rossii v tekushchem godu [“Unpredictable” Results of 2022 and Potential Threats to Russia’s Strategic Development in the Current Year]. Ekonomicheskie strategii, 2023, no 2(188), pp. 44–49, DOI: 10.33917/es-2.188.2023.44-49.

4. Informatsiya o plenarnom zasedanii XXVI Peterburgskogo mezhdunarodnogo ekonomicheskogo foruma 16 iyunya 2023 g. [Information on the plenary meeting of the XXVI St. Petersburg International Economic Forum on June 16, 2023]. Ofitsial’nyi sait Prezidenta R, available at: http://kremlin.ru/events/president/news/71445.ru/events/president/news/70565.

On New Mechanisms for Providing Economic Growth in the Context of Sanctions

DOI: 10.33917/es-4.190.2023.60-63

First the pandemic and then geopolitical tensions in the world created new conditions and posed new challenges for the economies. Among the mechanisms, needed to finance increased government spending, many countries have begun to apply the approaches of the so-called Modern Monetary Theory. It seems that the use of its elements could also be expedient in Russia to finance the necessary transformation of the economy.


1.World Bank. Global Economic Prospects. June 2023. URL: https://openknowledge.worldbank.org/server/api/core/bitstreams/6e892b75-2594-4901-a036-46d0dec1e753/content.

2. Moiseev S.R. Khaip vokrug (ne)denezhnoi (ne)teorii [Hype around (non)Monetary (non)Theory]. Voprosy ekonomiki, 2019, no 9, pp. 112–122.

3. Ershov M.V. Kak finansirovat’ novye gosraskhody: vozmozhnye mekhanizmy v usloviyakh sanktsii [How to Finance New Government Spendings: Possible Mechanisms in the Environment of Sanctions]. Ekonomicheskie strategii, 2022, no 6, pp. 26–29. DOI: 10.33917/es-6.186.2022.26-29.

Dedollarization of the Global Economy: Trends and Perspectives

DOI: 10.33917/es-4.190.2023.40-47

The quantitative indicators of dedollarization in the global economy are given. It is revealed that in the short-term the measures to abandon the U.S. dollar may have a limited impact on the global foreign exchange market, but in the longer-term the demand for the U.S. dollar may weaken. The implementation of transactions directly by countries on a bilateral basis using national currencies will thus make the global foreign exchange market more balanced. It is found that the development of dedollarization process is influenced by three major factors: the U.S. dollar’s usage as an instrument of sanctions pressure; the strengthening of the U.S. dollar; the emergence of new technological innovations. The article concludes that the development of dedollarization process along with the creation of new international payments mechanisms in the middle-term will continue to reduce the role of the U.S. dollar in the modern international monetary and financial system.


1. Georgiadis G., Le Mezo H., Mehl A., Tille C. Fundamentals vs. Policies: Can the US Dollar’s Dominance in Global Trade Be Dented? Working Paper Series No. 2574. Frankfurt am Main: ECB, 2021, 47 p., available at: https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2574~664b8e9249.en.pdf.

2. Jamrisko M., Carson R. Suddenly Everyone Is Hunting for Alternatives to the US Dollar. Bloomberg. 21.12.2022, available at: https://www.bloomberg.com/news/articles/2022-12-21/fx-weaponization-supercharges-de-dollarization-drive.

3. World Currency Composition of Official Foreign Exchange Reserves. IMF, available at: https://data.imf.org/regular.aspx?key=41175.

4. Arslanalp S., Eichengreen B., Simpson-Bell Ch. Dollar Dominance and the Rise of Nontraditional Reserve Currencies. IMF. 01.06.2022, available at: https://www.imf.org/en/Blogs/Articles/2022/06/01/blog-dollar-dominance-and-the-rise-of-nontraditional-reserve-currencies.

5. China to Use Shanghai Exchange for Yuan Energy Deals with Gulf Nations — Xi. Reuters. 09.12.2022, available at: https://www.reuters.com/business/energy/chinas-xi-tells-gulf-nations-use-shanghai-exchange-yuan-energy-deals-2022-12-09/

6. OTC Foreign Exchange Turnover by Currency. BIS, available at: https://www.bis.org/statistics/rpfx22_fx_tables.xlsx.

7. Mazumdar R. India Seeks to Globalize Payment Systems, Keep Processing Local. Bloomberg. 17.06.2022, available at: https://www.bloomberg.com/news/articles/2022-06-17/india-seeks-to-globalize-payment-systems-keep-processing-local.

8. The Dollar Is as Strong as Ever. Isn’t It?. The Economist. 08.09.2022, available at: https://www.economist.com/leaders/2022/09/08/the-dollar-is-as-strong-as-ever-isnt-it.

9. Weinland D. China is Rapidly Rolling out Its New Digital Currency. The Economist. 18.11.2022, available at: https://www.economist.com/the-world-ahead/2022/11/18/china-is-rapidly-rolling-out-its-new-digital-currency

Digital Silk Road: Strategic Choices and Challenges

DOI: 10.33917/es-4.190.2023.30-39

In the face of tough international competition in the digital economy, in order to protect national cybersecurity and economic interests, China needs to find a project that is different from the West. This is how the Digital Silk Road looks like today. Through this route China may connect the Eurasian countries and counter US sanctions. The present article dwells on strategic importance of the Digital Silk Road for China and makes suggestions on what role Russia should play in this project.


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2. Ashmanov I. Rossiya — uzhe tsifrovaya koloniya? [Is Russia Already a Digital Colony?]. Oktagon, 2020, 24 iyunya, available at: https://octagon.media/istorii/rossiya_uzhe_cifrovaya_koloniya.html.

3. Syan Kun. Konnotatsiya, struktura i puti razvitiya stroitel’stva Tsifrovogo shelkovogo puti s tochki zreniya tsifrovoi ekonomiki [Connotation, Structure and ways of Developing the Construction of the Digital Silk Road from the Digital Economy Perspective]. Western Forum, 2017, no 27(6), pp. 11–16, available at: http://www.cqvip.com/qk/81565c/201706/7000410580.html.

4. Van Daochzhen. Kitaisko-v’etnamskoe sotrudnichestvo v oblasti tsifrovoi ekonomiki s tochki zreniya Tsifrovogo shelkovogo puti [Sino-Vietnamese Cooperation in the Field of Digital Economy from the Perspective of the Digital Silk Road]. Zhurnal Ekonomicheskogo universiteta Khubei, 2021, no 19(3), available at: http://qks.hbue.edu.cn/_upload/article/files/02/a7/3935d59c49a6af985b6ea937f193/1864296a-bdf2-4219-a6d9-e0c48e85c4ad.pdf.

5. Ministerstvo torgovli Kitaiskoi Narodnoi Respubliki [Website], available at: http://chinawto.mofcom.gov.cn/article/e/r/202211/20221103366410.shtml.

6. Videnie i deistviya po sodeistviyu sovmestnomu stroitel’stvu Ekonomicheskogo poyasa Shelkovogo puti i Morskogo Shelkovogo puti XXI veka [Vision and Actions to Promote Joint Construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road]. Gosudarstvennaya administratsiya po regulirovaniyu rynka, 2015, available at: http://www.cnca.gov.cn/rdzt/2017/ydyl/qwfb/201705/t20170531_54404.shtml.

7. Kitai i arabskie strany sovmestno stroyat “Shelkovyi put’ onlain” [China and Arab Countries are Jointly Building the “Silk Road Online”] // Agentstvo novostei Sin’khua, 2017, available at: https://www.sohu.com/a/190280445_161795.

8. Si Tszin’pin prinyal uchastie v tseremonii otkrytiya Foruma mezhdunarodnogo sotrudnichestva “Odin poyas, odin put’” i vystupil s programmnoi rech’yu [Xi Jinping Attended the Opening Ceremony of the One Belt, One Road International Cooperation Forum and Delivered a Keynote Address]. Kommunisticheskaya partiinaya set’, 2017, available at: https://news.12371.cn/2017/05/14/VIDE1494762601202508.shtml.

9. Perspektivy i vyzovy Tsifrovogo shelkovogo puti [Perspectives and Challenges of the Digital Silk Road]. Sait “Odin poyas i odin put’”, 2020, available at: https://m.thepaper.cn/baijiahao_9356702.

Anti-sanction policy of an industrial enterprise as an element of an anti-crisis strategy

DOI: 10.33917/mic-4.111.2023.42-50

The anti-sanctions strategy can currently be part of the strategic planning of the Russian company’s activities, the essence of which consists of a set of measures aimed at changing behavior during downturns, a steady decline in financial performance, the threat of bankruptcy for the purpose of financial recovery. The article assesses the impact of the sanctions policy against the Russian Federation on industry in 2022, identifies the industries with the largest decline in the production index and internal factors contributing to pronounced crisis phenomena in these industries, lists the main negative manifestations of sanctions. The «problem field» faced by the manufacturer of equipment for the electric power industry has been investigated, the anti-sanction, anti-crisis measures taken and the difficulties that have arisen in the course of their implementation are listed. Possible ways of overcoming crisis phenomena are determined.


1. On industrial production in January-February 2023. Federal State Statistics Service (Rosstat). URL: https://rosstat.gov.ru/storage/mediabank/47_29-03-2023.html

2. On the situation in industry in April-May 2022. Comments on the state and business. HSE Development Center.  No. 424. May 20, 2022. pp. 1-13. URL: https://dcenter.hse.ru/mon/71896859/627261690.html

3. Afanasyev A.A. On the assessment of the impact of international sanctions on the functioning of domestic industry. Economic relations. 2022;12(2):179-194. (In Russ.).

4. Afontsev S.A. Politics and economics of trade wars. Journal of NEA. 2020;1 (45):193-198. (In Russ.).

5. Ahmadeev A.M. Iran’s experience in innovation of enterprises and economy under economic sanctions. 2022;4(42):107-114. (In Russ.).

6. Barkovsky A.N. Consequences of Western sanctions and retaliatory sanctions of the Russian Federation / A.N. Barkovsky, S.S. Alabyan, O.V. Morozenkova. Russian Foreign Economic Bulletin. 2015;9:3-7. (In Russ.).

7. Vorobyova E.I. The impact of sanctions on the economy and social sphere of the state: historical aspect and modern realities. Scientific Bulletin: finance, banks, investments. 2019;3(48):134-140. (In Russ.).

8. Zvonova E.A. Preservation of the international competitiveness of the national economy of the country subject to economic sanctions (Iran’s experience). Economy. Taxes. Right. 2017;2:30-37. (In Russ.).

9. Zolotareva V.P. Formation of the «economy of resistance» in Russia: historical experience and modern realities. Law, Economics and Management: Theory and Practice: Collection of materials of the II All-Russian Scientific and Practical Conference, Cheboksary, May 12, 2022.  Cheboksary: Limited Liability Company «Publishing House “Wednesday”», 2022. pp. 31-35.

10. Karlova N., Morozov A., Puzanova E. Import restrictions restrain exports: results of a survey of enterprises: Analytical note. Department of Research and Forecasting of the Bank of Russia, 2023. URL: https://cbr.ru/Content/Document/File/144420/analytic_note_20230130_dip.pdf

Economic Foundation of Victory: a Strategic Forecast for the Russian Economy Stability in the Face of Sanctions

DOI: 10.33917/es-3.189.2023.6-15

Key parameters of attacks directions on the Russian economy and forecasts of the expected results, which previously have inspired confidence in Western states that political regime would inevitability fall, which stimulated the US and EU sanctions activity, were developed by a number of authoritative Western expert structures. Western strategies for collapsing the Russian economy in 2022–2023 with the help of sanctions, formed on the basis of these forecasts, did not bring the desired result. At the same time, alternative forecasts of a group of Russian scientists from the CEMI RAS and their Chinese colleagues on stability of the economies of Russia and China in the event of a friendly policy in the context of trade wars with the US and the EU, made in 2019, were fully confirmed. At the core of these forecasts there are analytical tools based on agent modeling.


1. Ageev A.I., Loginov E.L. Mirovoe soobshchestvo v usloviyakh sverkhkriticheskoi bifurkatsii Upravlenie slozhnymi organizatsionnymi i tekhnicheskimi sistemami v usloviyakh sverkhkriticheskikh situatsii: Materialy mezhdunarodnoi nauchno-prakticheskoi konferentsii [World Community in Conditions of Supercritical Bifurcation: Management of Complex Organizational and Technical Systems in Conditions of Supercritical Situations: Proceedings of the international scientific and practical conference]. Moscow, INES, 2022, pp. 9–12.

2. Ageev A.I., Loginov E.L. Novaya bol’shaya voina: khroniki khorosho zabytogo budushchego [New Large-Scale War: Chronicles of Well Forgotten Future]. Ekonomicheskie strategii, 2014, vol. 16, no 6–7(122–123), pp. 16–33.

3. Makarov V.L., Vu Ts., Vu Z., Khabriev B.R., Bakhtizin A.R. Mirovye torgovye voiny: stsenarnye raschety posledstvii [World Trade Wars: Scenario Calculations of Consequences]. Vestnik Rossiiskoi akademii nauk, 2020, vol. 90, no 2, pp. 169–179.

4. Makarov V.L., Vu Ts., Vu Z., Khabriev B.R., Bakhtizin A.R. Sovremennye instrumenty otsenki posledstvii mirovykh torgovykh voin [Modern Tools for Assessing the Effects of World Trade Wars]. Vestnik Rossiiskoi akademii nauk, 2019, vol. 89, no 7, pp. 745–754.

5. Tsigas M., McDaniel C., Schropp S., Mahlstein K. Potential economic effects of sanctions on Russia: An Allied trade embargo. Voxeu.org, 2022, available at: https://voxeu.org/article/potential-economic-effects-allied-trade-embargo-russia.

6. Mahlstein K., McDaniel C., Schropp S., Tsigas M. Estimating the economic effects of sanctions on Russia: An Allied trade embargo. The World Economy, 2022, no 45, pp. 3344–3383, available at: https://doi.org/10.1111/twec.13311.

7. Bryan R., Johnson G., Sytsma T., Priebe M. Does the U.S. Economy Benefit from U.S. Alliances and Forward Military Presence? Santa Monica, CA: RAND Corporation, 2022, available at: https://www.rand.org/pubs/research_reports/RRA739-5.

8. Bolhuis A. Marijn, Jiaqian Chen, Benjamin Kett. Fragmentation in Global Trade: Accounting for Commodities. IMF Working Paper. 2023. No. WP 23/73.

“Unpredictable” Results of 2022 and Potential Threats to Russia’s Strategic Development in the Current Year

DOI: 10.33917/es-2.188.2023.44-49

The article addresses the change in the market index of “Economic Strategies” (MIES) for 2022. Contribution of the supply and demand indicators to the KIES is assessed. Dynamics of industrial production is analyzed.


1. Poslanie Prezidenta Rossiiskoi Federatsii Federal’nomu sobraniyu Rossiiskoi Federatsii ot 21 fevralya 2023 g. [Address of the President of the Russian Federation to the Federal Assembly of the Russian Federation of February 21, 2023]. Ofitsial’nyi sait Prezidenta RF, available at: http://kremlin.ru/events/president/news/70565.

2. Otsenka chislennosti postoyannogo naseleniya na 1 yanvarya 2023 g. i v srednem za 2022 g. i komponenty ee izmeneniya (s uchetom itogov Vserossiiskoi perepisi naseleniya 2020 g.) [Estimated Resident Population as of January 1, 2023 and on Average for 2022 and Components of its Change (Against Results of the 2020 All-Russian Population Census)]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/folder/12781.

3. Sotsial’no-ekonomicheskoe polozhenie Rossii v yanvare — dekabre 2022 goda: Doklad [Socio-Economic Situation in Russia in January-December 2022: Report]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/storage/mediabank/osn-12-2022.pdf.

4. Sotsial’no-ekonomicheskoe polozhenie Rossii v yanvare 2023 goda: Doklad [Socio-Economic Situation in Russia in January 2023: Report]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/storage/mediabank/osn-01-2023.pdf.

5. Frenkel’ A.A., Tikhomirov B.I., Surkov A.A. Itogi razvitiya mobilizatsionnoi ekonomiki Rossii v yanvare — sentyabre 2022 g.: bor’ba za gosudarstvennyi suverenitet [Results of the Development of the Mobilization Economy of Russia in January — September 2022: the Struggle for State Sovereignty].

Ekonomicheskie strategii, 2022, no 6(186), pp. 30–35, DOI: 10.33917/es-6.186.2022.30-35.

6. Informatsiya ob uchastii Prezidenta RF v rabote ezhegodnogo s”ezda Rossiiskogo soyuza promyshlennikov i predprinimatelei (RSPP) 16 marta 2023 g. [Information on Participation of the President of the Russian Federation in the Annual Congress of the Russian Union of Industrialists and Entrepreneurs (RSPP) on March 16, 2023]. Ofitsial’nyi sait Prezidenta RF, available at: http://kremlin.ru/events/president/news/70688.

The Current State of the Problem of the Development of the Russian Market of Ferrous Metallurgy under the Conditions of the Sanction Crisis Caused by a Special Military Operation

DOI: https://doi.org/10.33917/es-6.186.2022.111-117

The article studies the current state and development problems of the Russian ferrous metallurgy market in the context of the sanction’s crisis caused by a special military operation. It is shown that the conduct of a special Russian military operation in Ukraine increases the burden on the already stretched global supply chains, and the metal markets are no exception. The metals that fell under the sanctions are considered.

It is concluded that the start of a military special operation in Ukraine caused an increase in sanctions pressure on Russia from Western countries and a ban on the supply of steel products to the EU countries. It has been determined that under the current conditions, the issue of redistributing production volumes to other markets becomes the most relevant for the industry, while the replacement of falling volumes will occur by increasing supplies to Asia, the Middle East and Latin America, as well as to the domestic market.


1. Bazhenov O. V., Baev D.V. Vliyanie pryamykh zarubezhnykh investitsii na razvitie otrasli chernoi metallurgii v Rossii [Impact of Foreign Direct Investment on the Development of the Ferrous Metallurgy Industry in Russia]. Izvestiya vysshikh uchebnykh zavedenii. Chernaya metallurgiya, 2017, no 60(1), pp. 67–73.

2. Kostyukhin Yu.Yu. Potentsial promyshlennogo predpriyatiya i ego ispol’zovanie [Potential of an Industrial Enterprise and its Application]. Moscow, MISiS, 2019, pp. 87–92.

3. Kostyukhin Yu.Yu. Formirovanie sistemy upravleniya postupatel’nym razvitiem metallurgicheskogo predpriyatiya na osnove ego potentsiala [Establishing the Management System for Progressive Development of a Metallurgical Enterprise on the Basis of its Potential]. Moscow, MISiS, 2020, pp. 98–104.

4. Kostyukhin Yu.Yu. Strategicheskoe upravlenie rossiiskoi metallurgiei v usloviyakh vyzovov i riskov [Strategic Management of Russian Metallurgy in the Face of Challenges and Risks]. Upravlencheskie nauki, 2022, no 2, available at: https://cyberleninka.ru/article/n/strategicheskoe-upravlenie-rossiyskoy-metallurgieyvusloviyah-vyzovov-i-riskov.

5. Kharlanov A.S. Analiz trendov mirovogo metallicheskogo kompleksa v period postpandemiinogo vosstanovleniya: chernaya i tsvetnaya metallurgiya [Analysis of Trends in the Global Metal Complex in the Period of Post-Pandemic Recovery: Ferrous and Non-Ferrous Metallurgy]. Innovatsii i investitsii, 2021, no 3, available at: https://cyberleninka.ru/article/n/analiz-trendov-mirovogo-metallicheskogo-kompleksa-v-period-postpandemiynogo-vosstanovleniya-chernayai-tsvetnayametallurgiya.

6. Shtanskii V.A. Obespechenie ustoichivogo innovatsionnogo razvitiya predpriyatii metallurgicheskogo kompleksa [Ensuring Sustainable Innovative Development of Metallurgical Complex Enterprises]. Ekonomika promyshlennosti, 2019, no 4(12), pp. 466–472, DOI: 10.17073/2072-1633-2019-4-466-472.

7. Promyshlennoe proizvodstvo v 2021 godu [Industrial Production in 2021]. Rosstat, available at: https://rosstat.gov.ru›folder›document.

Results of the Development of the Mobilization Economy of Russia in January — September 2022: the Struggle for State Sovereignty

DOI: https://doi.org/10.33917/es-6.186.2022.30-35

Changing of a conjuncture index of “Economic strategy” (CIES) for nine months of 2020 is considered. The contribution of indicators of supply and demand in CIES is estimated. The analysis of industrial production is carried out.


1. Sotsial’no-ekonomicheskoe polozhenie Rossii v yanvare — sentyabre 2022 goda [Socio-economic Situation in Russia in January — September 2022]. Federal’naya sluzhba gosudarstvennoi statistiki, available at: https://rosstat.gov.ru/storage/mediabank/osn-09-2022.pdf.

2. Frenkel’ A.A., Tikhomirov B.I., Surkov A.A. Yanvar’ — mai 2022 goda: Rossiya v usloviyakh tormozheniya sotsial’no-ekonomicheskogo razvitiya [2022, January — May: Russia in the Context of Slowing Down Socio-economic Development]. Ekonomicheskie strategii, 2022, vol. 24, no 4, pp. 90–95, DOI: https://doi.org/10.33917/es-4.184.2022.90-95.

3. Informatsiya o soveshchanii Prezidenta RF s chlenami Pravitel’stva RF 16 noyabrya 2022 g. v rezhime videokonferentsii [Information on the Meeting of the President of the Russian Federation with Members of the RF Government on November 16, 2022 Via Videoconference]. Ofitsial’nyi sait Prezidenta RF, available at: http://kremlin.ru/events/president/news/69847.

4. Prognoz sotsial’no-ekonomicheskogo razvitiya Rossiiskoi Federatsii na 2023 god i na planovyi period 2024 i 2025 godov [Forecast of the Socio-economic Development of the Russian Federation for 2023 and for the Scheduled Period of 2024 and 2025]. Ministerstvo ekonomicheskogo razvitiya RF, 2022, 28 sentyabrya, available at: https://economy.gov.ru/material/file/ea2fd3ce38f2e28d51c312acf2be0917/prognoz_socialno_ekonom_razvitiya_rf_2023-2025.pdf.

5. Informatsiya o Plenarnom zasedanii Peterburgskogo mezhdunarodnogo ekonomicheskogo foruma s uchastiem Prezidenta RF 17 iyunya 2022 g. [Information on the Plenary Meeting of the St. Petersburg International Economic Forum with Participation of the President of the Russian Federation on June 17, 2022]. Ofitsial’nyi sait Prezidenta RF, available at: kremlin.ru/events/president/news/68669.

How to Finance New Government Spendings: Possible Mechanisms in the Environment of Sanctions

DOI: https://doi.org/10.33917/es-6.186.2022.26-29

Sanctions against the Russian Federation have created fundamentally new conditions for the functioning of the Russian economy.

This poses new challenges, which require government spendings increase. It appears that Russian regulators have unused mechanisms, the use of which will provide the economy with new money, without complicating the situation of other sectors. The article suggests mechanisms that highlights internal sources of liquidity formation for the economy. In the environment of sanctions, such mechanisms also increase the independence of monetary policy from external constraints.


1. Kommentarii Banka Rossii po operatsiyam na rynke gosudarstvennogo dolga [Bank of Russia’s Commentary on Operations in the Government Debt Market]. Bank of Russia, 2022, 18 marta, available at: http://www.cbr.ru/eng/press/event/?id=12763.

2. TsB RF [Central Bank of the Russian Federation]. Obzor riskov finansovykh rynkov, 2022, no 2–3(60–61), fevral’-mart.

3. Bank Rossii. Osnovnye napravleniya edinoi gosudarstvennoi denezhno-kreditnoi politiki na 2023 god i period 2024 i 2025 godov: Proekt ot 11 avgusta 2022 g. [Bank of Russia. Guidelines for the Single State Monetary Policy for 2023 and the Period of 2024 and 2025: the Draft of August 11, 2022]. Bank Rossii, pp. 24–25, available at: https://cbr.ru/about_br/publ/ondkp/on_2023_2025/

4. Ershov M.V. Kakaya ekonomicheskaya politika nuzhna Rossii v usloviyakh sanktsii? [What Kind of Economic Policy does Russia Need in the Face of Sanctions?]. Voprosy ekonomiki, 2014, no 12, pp. 37–53.