The article explores different approaches to the term “sustainability” existing in academic literature and used in practice. It describes three methods – two well-known ones and another one developed by the authors – used for quantitative assessment of the degree of economic and financial sustainability in regions. The regions include four Russian federal subjects in the Russian Arctic and three macroregions that include the aforesaid regions. The indicators used for the assessment are grouped by the following aspects: relevance to national projects, type of assessment scale, internal or external economic factors, and income or spending in a consolidated regional budget. The article explores and draws a distinction between the influence of external factors – indicators of the demographic and natural environments – on the economic sustainability of an area. A comparative analysis is done for three Russian macroregions and four Arctic regions by degree of economic and financial sustainability. The regions and macroregions are ranked based on the results of the comparative analysis using the selected indicators. The ranking helps identify potential strategic vectors and their succession as well as criteria for improvement of economic sustainability in the Russian Arctic.
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