On the impact of sanctions on the financial sovereignty of Russia and the formation of its model

Abstract

Aim. To identify the key stages of sanctions pressure on Russia and the formation of the financial sovereignty model.Tasks. To identify the main stages of sanctions pressure on the Russian economy; to identify general regularities and key stages of sanctions against the Russian Federation (RF); to develop a functional model of Russia’s financial sovereignty.Methods. In the present study with the application of general scientific methods, as well as systemic and comparative approaches, statistical analysis, the peculiarities of formation and establishment of financial sovereignty of Russia are considered.Results. The stages of sanctions pressure on Russia are systematized. It is shown that the most important prerequisite for the creation of financial sovereignty were the sanctions imposed on Russia. The conclusion about the impact of sanctions on the domestic economy is substantiated. It is shown that the components of financial sovereignty form a functional model with feedback, and this determines the possibilities for further research. The results of this study can be used to develop new approaches to the formation of financial sovereignty in Russia, to improve the efficiency of interaction of elements in the system.Conclusions. The main drivers of the formation of financial sovereignty were the sanctions imposed against the Russian Federation. At the same time, the impact of sanctions will be weakened due to the financial policy of the state.