The need for the Russian aircraft industry to enter a new stage of information technology development, including the features of digital technological solutions that must be considered to increase the Russian civil aircraft industry competitiveness in global markets, has been defined. When implementing projects in the aviation industry, there is significant government support, as it ensures the technological sovereignty of the state and allows the importsubstituting technologies generation. The Russian aviation industry has extensive experience in implementing digital technology solutions to ensure flight safety. Thus, the main Russian civilian airliners, such as Superjet 100 and MS-21, were designed and developed using a digital information and computing complex. The data on countries that use the most advanced technologies in designing and manufacturing jet and turboprop aircraft have been systematized. The role of digitalization as a global economic trend has been revealed, the main digital technologies used in the operational activities of the aircraft industry using Russian software products have been identified and systematized. The conducted research allowed concluding that aircraft construction is a leading industry both in Russia and globally in digital technological solutions implementation. The conclusion has been made about the importance of creating digital clusters and integrated digital platforms in the aircraft industry, which, as part of operational processes aggregation for producing and operating aircraft, bring together participants and business partners of these structures in order to increase the efficiency of their activities.

Managerial business processes in software development companies have been studied, considering the industry specifics and the applied business models of software development management. Under the conditions of sanctions and the need for import substitution of foreign software, such companies are becoming the most important market participants. The purpose of the study is to classify management processes, including its performers and owners, depending on the software company type: product, outsourcing, consulting, or full-cycle. The research methodology is based on an analysis of software development lifecycle, differences between project and product approaches, as well as the functional classification
of business processes. The study results showed that the project-based business model of software development prevails in consulting and outsourcing companies developing software, the product-based one prevails in product companies, while the combination of both business models is typical for full-service companies. The presented classification identifies three groups of managerial business processes: unique for a particular business model, typical for both models, and typical related to auxiliary processes. The theoretical significance of the study lies in developing knowledge about software development companies management, which contributes to improving the efficiency of their activities and accelerating economy digitalization. The study results can be used to develop specialized decision support systems and improve software lifecycle management methodologies.

A theoretical analysis of sources, which allowed to identify the main objects of research by Russian scientists in the sphere of project activities among university students, has been carried out. Using the methods of logical analysis and system approach, management technologies for implementing the project-based educational model in Russian technical universities have been studied. Common characteristics of project activities in various universities are the presence of a discipline aimed at developing project competencies and industrial partners participation. The mechanisms for integrating project-based learning into the current educational activities of higher education institutions have been analyzed. It has been concluded that it is necessary to consider the object of the research in several planes. The purpose of the study is to create a comprehensive model for developing project activities in technical university, including structural changes in the administrative apparatus, project approaches used by university departments, and tools for attracting industrial partners to educational activities. The object of the study is the Samara State Technical University, which has been developing the practice-oriented learning model in various forms since 2016. The presented material can be useful both for subsequent theoretical research within the framework of subsequent scientific publications and for practical implementation by university administrative staff, as well as by teaching staff.

The key tools for managing innovative projects in startups and their impact on sustainability and growth of companies have been studied. The global experience has been analyzed, including the ecosystems of the US, Poland, France, the UAE, and Saudi Arabia. A study has been conducted among Russian startups. Based on the study of 78 domestic startup projects of various stages of maturity and industry affiliation, key factors for project management methodologies successful implementation have been identified. Empirical evidence shows significant differences in the effectiveness of classical Agile techniques and their adapted hybrid modifications. Hybrid approaches (Scrumban et al.) demonstrate 23–27% higher implementation rates in Russian conditions compared to canonical Agile practices. Special attention has been paid to the regional ecosystems analysis. The Republic of Tatarstan has a concentration of 34.6% of the total number of student startups with a 17% success rate, which is significantly higher than the national average according to data from 2022 until 2024. The study results include an algorithm for choosing a management strategy depending on the innovation type, a matrix for assessing the resources importance for various innovation models, a project management systems classification, and analytical data from a survey of Russian startups. The practical significance of the study lies in developing an adapted system of recommendations for managing startup projects, considering both international experience and the Russian specifics of conducting innovation activities. The results obtained can be used when forming regional startup support programs and developing educational programs in the innovation management sphere.

The importance of agriculture digital transformation in Russia, its advantages, and the possibility of increasing efficiency and competitiveness through the latest technological solutions integration in all areas of the agricultural sector have been discussed. The purpose of the study is to form the theoretical foundations of agriculture digital transformation
and to define the categorical apparatus. The study covers key concepts of digitalization such as precision, smart, and digital agriculture, as well as the main stages of its development through the lens of agricultural revolutions. Attention has been drawn to the current state of the agricultural sector as the level of digitalization is still low, which negatively affects productivity and profitability. The legal and organizational aspects of digital initiatives that can help overcome existing barriers have been studied. The Digital Agriculture project, which aims to create a unified digital platform and optimize resource management, has been reviewed. The findings highlight the need for a comprehensive approach to digital technology integration, including staff training and improved access to new tools for small and medium-sized farms. Successful digitalization of agriculture will be the key to sustainable development of Russian agro-industrial complex, contributing to ensuring food security and improving the standard of living in the growing global population.

The current issue of training engineering personnel based on the competency-based approach has been studied. At the same time, the interpretation of the hard and soft skills structure essence and perception often differs among different groups of stakeholders as participants in the educational process. The contradiction in perception negatively affects the competency-based approach implementation. The purpose of the study is to conduct a comparative analysis of the approaches of students, educational programs developers, and employers to the hard and soft skills interpretation and the degree of their formation in the process of studying engineering specialties at university. The study was carried out using the questionnaire survey method. Four universities of one of the large regions of Russia, Western Siberia, took part in the survey. The questionnaire method was an online survey. A total of 215 students and 44 teachers were surveyed, mainly educational programs developers. Among the sample participants were 41 representatives of large manufacturing companies in the region, most of whom work in the personnel management sphere. The main conclusions were the facts confirmed by the empirical study, both coincidences and differences in the hard and soft skills interpretation, their structure, main characteristics, and purposes, which were demonstrated by students, university representatives, and enterprises. Conclusions were made about the importance of forming a common understanding of competencies and their role on the part of different participants in the educational process and educational services consumers. The article may be useful for researchers and practitioners in the sphere of developing competencies in engineering specialties students at universities.

The possibilities and the conditions for transport system management intellectualization have been analyzed and determined. The purpose of the study is to develop a conceptual model of an intelligent urban passenger flows management system, a mathematical model, and a methodology for optimizing urban passenger flows congestion in the context of intelligent management of transport systems. The relevance of the study is due to the need for scientific and methodological support to solve the applied problem of analyzing and optimizing urban passenger flows congestion when redistributing vehicles from the least busy route to the route with the highest load. It allows for the evidence-based implementation of a set of measures related to transport system management intellectualization. The objectives of the study are to assess passenger flows congestion (the load of transport systems) on various routes, to create a model of vehicles re-routing from a low-load transport system to a high-load one in order to optimize passenger flows congestion, and to evaluate the effects of optimizing urban passenger flows congestion. The research methodology is based on the provisions of the queuing theory and economic-statistical and expert-analytical methods. Due to modeling queuing systems, it has been proved that urban passenger flows congestion is optimal in a range of values close to equality of the total intensity of incoming and outgoing passenger flow.

The analysis of the Strategy for developing the automotive industry in Russia until 2035 and conceptual approaches to the infrastructural support of automotive component production in the context of technological sovereignty and import substitution has been carried out. In the context of the withdrawal of foreign automakers and supply constraints, the Strategy focuses on its own component base formation, the platforms unification, domestic technologies development, and production localization. Special attention has been paid to the mechanism of state support through the Industrial Development Fund and the cluster investment platform. The author’s concept of infrastructural growth poles has been proposed. It is territorial agglomerations with a high concentration of automotive component production, which play a key role in supporting and developing the automotive industry. The fundamentals of the growth poles theory have been considered from the classical works of F. Perroux to the modern interpretations of P. Pottier, J. Boudeville, and M. Porter. The criteria for selecting territories for such poles placement have been presented, including research institutes availability, export and innovation potential, as well as the structural model of their organization. The study substantiates the need to integrate territorial, sectoral, and infrastructural planning in order to sustainably develop the automotive industry and achieve strategic goals by 2035, including increasing the share of domestic cars to 80% and expanding electric vehicles production to 25% of the market.

The relevance of the research topic is due to the need to obtain comprehensive information on the use of digital management technologies in social organizations, existing trends, and potential effects of digitalization. The purpose of the study is to form methodological approaches to assessing the use of digital management technologies in the social sphere and to test these approaches using the example of education and healthcare in Russia. A threevector approach to collecting and analytical processing of information was used as a research method, including obtaining insights about consumer activity in terms of receiving services from social organizations in digital format, infrastructural and competence readiness of social organizations to implement digital technologies, and assessing digital maturity. The results obtained allow concluding that consumers are developing a sustained interest in using the services of social organizations in digital format, high infrastructural and competence readiness of social organizations to implement digital technologies, and the fragmented use of digital technologies in social sectors, primarily related to data collection, processing, and accumulation. Reducing the use of digital technologies aimed at developing inter-organizational interaction is relevant for all the surveyed industries. Based on the presented study results, it can be concluded that there is a low uniformity of the use of certain types of digital technologies in the spheres of education, healthcare and social services and cultural and sports services provision, which indicates the low digital maturity of these industries.

The theoretical and practical foundations of risk management in cooperation with contractors in the oil and gas industry have been studied. Considering the strategic importance of the industry for the national economy and its high dependence on contractors, the issue of minimizing risks becomes particularly relevant. The key groups of threats accompanying contractors’ activities of contractors have been identified: financial, economic, industrial, technological, legal, environmental, and institutional. Its manifestation is increasing in the context of sanctions pressure, limited access to foreign technologies and financing, as well as the need to comply with international ESG standards. Special attention has been paid to modern methods of identification and risk management, including a preliminary assessment of contractors’ financial stability, a reliable contractual framework formation, and the use of KPIs and digital tools. The possibilities of ERP systems, supply chain management platforms, blockchain technologies, and digital twins, allowing to increase the transparency of contracting processes and predict possible failures, have been considered. The necessity of integrating ESG criteria into the practice of selecting and evaluating contractors as a condition for the long-term sustainability of projects has been substantiated. The scientific novelty of the study lies in an integrated approach to contract risks systematization and original recommendations development for their minimization. The practical significance of the study lies in forming proposals that can improve contract management efficiency and ensure sustainable development of the oil and gas industry in the face of global uncertainty.

A comprehensive analysis of the current state and prospects for of centralized heat supply systems development in urban agglomerations has been carried out. The structure of heat energy production and distribution and technical and operational features of thermal power plants have been considered in detail. Key issues that hinder the effective functioning of district heating have been identified. The main challenges include a high degree of equipment wear, low energy efficiency, lack of accurate heat consumption accounting systems, as well as significant losses during energy transportation. Special attention has been paid to the analysis of the existing problems causes and possible ways to solve them. Strategies for modernizing heating networks have been studied, including the need for large investments, tariff regulation reform, and the organizational and legal mechanisms implementation for redistributing costs between heat and electric energy during cogeneration. The expediency of creating urban utilities and regional heat pools as effective forms of heat supply management has been argued. The need for government support has been emphasized, especially during the transition to a market-based model of the industry. Specific measures for energy conservation and energy efficiency improvement have been given, including heat supply systems optimization, equipment modernization, new technologies implementation, and fuel costs reduction.

The importance of informal institutions in the logging industry has been analyzed. The relationship between informal and formal institutions of the forestry industry has been explained, and the role of informal institutions in correcting the dysfunctions in the formal system has been shown. The current issues of formal forest institutions and options for the government’s response to the abnormal situation have been considered, using the example of the Irkutsk Region forestry industry. The purpose of the study is to find real ways to reduce the level of informal institutions activity associated with their excessive influence on the logging industry economy. The object of the study is Russian logging industry. The subject of the study is informal institutions and changes in its place and role in the timber industry structure, as they are often destructive due to the weakness of formal decision tools. The system analysis methodology is used to study the formal and informal institution concepts in the logging industry. The study concluded that the use of informal institutions by formal systems provides them with tangible benefits and strengthens their position in the logging business. The regulation of the logging industry activity requires a systematic institutional approach combining legal changes considering the social and economic opportunities of the forest industry. However, reducing the informal institutions influence for human rights development is possible in the context of current forest industry regulations. The content of formal and informal forest institutions activities has been characterized, and it has also been established that their activities are interrelated.

This study investigates the institutional factors influencing digital transformation in logistics enterprises in Vietnam. The research applies institutional theory to examine how coercive, normative, and mimetic pressure affect digital adoption. Using a quantitative approach, we have analysed survey responses from 283 managers across maritime, inland transportation, warehousing, and freight forwarding sectors. Structural equation modelling is used to test hypothesised relationships. The results indicate that coercive pressure from regulatory bodies and normative pressure from industry standards have a significant positive impact on digital transformation efforts, while mimetic pressure of competitors shows no statistically significant effect. Additionally, organisational readiness, technological capacity, and support from top management are critical internal enablers. The findings provide actionable insights for both policymakers and business leaders in developing effective strategies for digital transformation in logistics. The study highlights the importance of regulatory alignment, investment in infrastructure, and fostering a digital culture to overcome institutional and technological barriers. Future research may expand to qualitative methods and cross-country comparisons to further contextualise digital maturity in emerging markets.

The subject of the study is the process of the machine tool industry adaptation to new challenges and the prospects that import substitution opens up. Russia, in fact, regains the status of a producer of its own means of production. The purpose of the study is to determine Russia’s possibilities in the area of creating its own machine tool industry. Machine tool industry is of fundamental importance for the qualitatively new development of the entire complex of domestic engineering branches such as astronautics, aviation, electronics, robotics, shipbuilding, automotive, construction machinery, and energy engineering. Due to the unpredictable economic policies of external partners, the launch of the entire domestic industry modernization with the systematic support of the state is of key importance. The machine tool industry is facing the need to build full-fledged production cycles, including each stage, from metallurgical conversion to software solutions. A critical area is forming a national database of microelectronic solutions for numerical control. The current situation is characterized by significant dependence on foreign suppliers of processors, controllers, and other electronics, which blocks progress in the high-tech segments of the machine tool industry. Large-scale investments are required to create a domestic element base that meets current technical standards.

The transformation of Azerbaijan’s foreign economic strategy in the postSoviet period, focusing on institutional and structural changes in investment and foreign trade policy, has been analyzed. The processes of privatization, forming private business, stimulating foreign investment inflows, and creating a favorable environment for stable economic growth have been studied. The importance of the 1994 “Contract of the Century”, concluded with leading oil companies, for establishing the oil and gas sector and the state’s entry into a new stage of international economic cooperation has been emphasized. Investments aimed at Azerbaijan’s non-oil sector development, in particular the industry modernization and the active development of foreign trade, contributing to the economy diversification and its sustainable growth, have been considered. The purpose of the study is to analyze Azerbaijan’s strategic initiatives aimed at strengthening foreign economic relations and attracting investments in the oil, gas, and non-oil sectors of the economy development. The object of the study is the transformation of Azerbaijan’s investment and foreign trade policies in the post-Soviet period. The subject of the study is the processes related to the national economy development, investments attraction in the oil and gas and non-oil sectors, as well as Azerbaijan’s foreign trade modernization after the collapse of the Soviet Union. The article employs an analytical research method based on the economic data and official statistical materials research. Based on the study, measures for further economy diversification of and increasing the competitiveness of non-oil industries in Azerbaijan have been proposed.

The contribution of the agricultural sector to GDP growth in Algeria over the period 1999–2022, employing the ARDL (Autoregressive Distributed Lag) model as the primary analytical tool has been investigated. The purpose of the study is to assess the short- and long-run dynamics between agricultural output and economic performance. The preliminary analysis showed that the variables used in the study exhibited different levels of stationarity, which required proper lag selection. The bounds testing approach confirmed the existence of a long-term equilibrium relationship, indicating that short-term fluctuations in the agricultural sector can translate into sustained long-term impacts on GDP. The most appropriate model has been found to be ARDL (3,3), reflecting a dynamic and significant interaction between agriculture and economic growth. These findings emphasize the critical role of agriculture as a driver of sustainable development in Algeria. The study suggests that targeted investments and strategic reforms in the agricultural sector could reinforce its role in economic diversification, food security, and long-term stability.

The Russian industry and its contribution to the country’s GDP have been analyzed, and the industrial sector by region has been studied. Statistical data and official reports of the Government of the Russian Federation for several years up to 2024 have been applied in order to track development trends. It has been estimated that the share of the industry in the country’s economy is about 30% of GDP and 22% of employment, reflecting its importance in the economy structure. In the context of foreign economic challenges and sanctions in 2022–2024, the industry has demonstrated adaptability through import substitution and government support, while maintaining its strategic importance. Industrial potential plays a key role in shaping the economic profile of Russian regions, especially in the Volga, Siberian, and Ural Districts. Despite the predominance of the service sector in the GDP structure (over 60%), the industry remains the most important sector. In 2023–2024, against the background of import substitution and digitalization measures, the manufacturing sector positions strengthened, reducing dependence on the raw material model. It has been recommended to pay more attention to industries that can provide domestic consumption of the country. The analysis gives an idea of the importance of industrial production for developing Russia’s economy and helps correctly prioritize the regulation and government support of these industries, but also pay attention to personnel training for these industries.

The subject of the study is to analyze innovations in Chinese legislation with the transition of tax structures to smart electronic administration and to determine its impact on small and medium-sized businesses. The purpose of the study is to analyze the causes of the measures implemented on October 1, 2025 to tax Chinese business profits in terms of exports and the possible consequences of the changes for Russian participants in foreign economic activity. It is especially true with the new quality of the constantly developing economic cooperation between the two countries in all sectors. The new export requirements in China demand the mandatory opening of official invoices between the exporter and the supplier and a 25% tax on the goods cost to the Chinese budget. It will lead to further centralization and order in the organization of foreign economic activity, eliminate unjustified dumping and unfair competition among participants in foreign economic activity, increase taxes and fees collection from this type of activity, the security level, and control over supplies, and lead to transformation in transit supply chains.

The issue of distributing a resource or benefit composed of a set of indivisible components among multiple beneficiaries has been studied. Two types of conditionally “fair” valuations of indivisible good such as expert appraisal and market pricing have been considered. Each of them is based on vectors of monetary estimates provided by potential beneficiaries for indivisible goods comprising the resource to be distributed. The distribution is carried out by assigning each indivisible good to the beneficiary who values it the highest, who must then pay monetary compensation to the other beneficiaries. For each valuation method, uniform and proportional schemes for distributing compensation payments among participants have been studied without considering the envy concept. In the expert determination of the benefit price, it has been shown that the uniform distribution of compensation is perceived by the division participants as unfair, while the proportional one as acceptable. In the market determination of the benefit price, it has been shown that the proportional distribution of compensation is perceived by the division participants as unfair, while the uniform one as acceptable. For each acceptable compensation scheme, the mean values and variances of deviations of these compensations from the minimum payout amounts desired by the beneficiaries have been calculated. Conclusions have been drawn regarding the potential dissatisfaction of beneficiaries arising from the chosen method of division implemented.

In-depth examination of the developing an organizational and economic mechanism concept aimed at ensuring regional socio-economic system balance under conditions of active digital transformation has been carried out. In today’s context, characterized by high dynamism and economic environment instability, implementing and integrating digital technologies into management processes have become critically important. These technologies are viewed not only as tools for enhancing operational efficiency but also as strategic resources capable of ensuring transparency in managerial procedures, flexibility in responding to external challenges, and sustainable territorial development. Particular attention has been given to the digital management method, defined as an innovative approach based on the use of data analysis systems, forecasting, and key processes automation. This approach enables adaptive mechanisms creation to respond to external changes, ensures resources rational allocation, and improves the overall performance of regional socio-economic systems. The use of digital platforms contributes to forming an integrated environment for interaction among government agencies, the business community, and the population, ultimately leading to an improvement in the quality of public administration and social services. The study underscores the necessity of adopting a comprehensive and systematic approach to developing the organizational and economic mechanism, incorporating a wide range of management tools from organizational-technological and socio-economic methods to administrative and digital solutions.

The challenges of the CoVID-19 pandemic, which pose a threat to the global economy and society, as well as transport and its infrastructure, have been studied. The purpose of the study is to determine the current state of the European Union as a unique and one-of-a-kind integration association and to answer the question of what damage was caused to the European Union by the pandemic that began in 2020 and continues to this day. Statistical data proving the negative impact of COVID-19 and the measures taken by the European Union to overcome the crisis caused by the rapid spread of the coronavirus infection have been analyzed. Special attention has been paid to the consideration of the measures taken at the legislative level. The EU institutions have sufficient power, considering political and economic processes, to develop and adopt international legal acts capable of reviving the economy. According to the founding treaties, the EU members are obliged to comply with the provisions of newly adopted international legal acts. There is a directly proportional relationship between transport and its infrastructure development and the growth of the states’ economy. The legal acts developed to support the EU economy and each of the member states, as well as the transport industry, have been analyzed. General scientific and special research methods were used.

In the context of unprecedented sanctions pressure, foreign economic restrictions, financial instability in global markets, and increasing geopolitical turbulence in 2022–2025, issues of ensuring Russia’s economic security are becoming particularly relevant and one of the key priorities of state policy and strategic management. A comprehensive analysis of the regulatory framework, conceptual documents, and scientific publications of Russian authors devoted to the national economy sustainability, financial and industrial security, as well
as countering external economic threats has been carried out. The measures of federal and regional authorities aimed at implementing import substitution policies, supporting financial, monetary, and budgetary stability, developing industrial and technological sovereignty, increasing the effectiveness of the economy mobilization restructuring, and adapting production chains have been considered. The main groups of tools for implementing anti-crisis, structural, and strategic solutions have been highlighted. The stages of methodological development of the Russian economic security system in 2022–2025 have been defined: shock stabilization, adaptation and transformation, active restructuring, and strategic consolidation. Based on the analysis, conclusions about the effectiveness of the measures taken have been formulated, and promising directions for further scientific research in this area have been proposed.

This article is dedicated to the study of the competitive advantages of a law firm transition to a client-centric approach. The relevance of this transition is due to the fact that, in the context of increasing competition and changing client needs, the traditional model of legal business proves insufficient for effectively meeting their demands. Client-centricity places the interests of clients at the center of all organisational processes, requiring a deeper understanding of their expectations, preferences, and needs. The research includes an analysis of the current state of the legal services market, identification of key trends, and the development of practical recommendations for implementing the clientcentric approach in the management of a law firm. Throughout the study, factors for the successful transition to a client-centric concept have been identified, such as the restructuring of business processes, staff development, employee training, and integration of modern technologies. The main results of the research indicate that companies adopting the client-centric concept not only enhance client satisfaction but also ensure sustainable development in a dynamic market environment. The conclusions of this study emphasise the priority of implementing client-centric practices to achieve competitive advantages and establish long-term relationships with clients, which is key to the successful future of law firms and their ability to adapt to constantly changing conditions.

The effectiveness of one of the measures to increase economy sustainability, aimed at reducing the administrative burden on business, as well as its feasibility and impact on the quality of control and supervisory activities have been analyzed. The subject of the study is the process of carrying out control and supervisory activities under the restrictions imposed by the moratorium of the Government of the Russian Federation. The research was conducted using the following methods: measurement, indicators statistical analysis, content analysis (theoretical and regulatory framework), and deduction method. Based on the lists of control and supervisory activities effectiveness indicators and economic security, a simplified version has been formed for an in-depth analysis of control and supervisory activities. All indicators have been considered in dynamics for the period from 2019 to 2023. Public research has been studied to determine the attitude of controlled persons to the measures taken. Based on the conducted research, it can be concluded that the risk-based approach used by the state is appropriate in the current conditions in combination with state policy implementation for developing a particular area. A multifaceted consideration of the issue makes it possible to minimize negative consequences and ensure the sphere development and its stable functioning in crisis situations.

The possibilities and level of development, as well as the prospects of the nonoil segment of the Persian Gulf states economic systems at the present stage have been analyzed. The purpose of the study is to analyze the formation and strengthening of the non-oil segment in the GCC states as the basis for sustainable development of national and regional economies in the future. The subject of the study is the national economy structure in the GCC and its changes (diversification). Based on the statistical, analytical, and empirical information analysis, it has been shown that now in the GCC the fundamental role of hydrocarbons remains. The GCC energy policy is influenced by institutional, political, and other factors. The GCC is taking significant steps towards a diversification strategy, striving to move from an export-based economic model by reducing the oil segment in the economy to a diversified reproduction structure. Some factors, such as high demand for hydrocarbons, which hinder alternative energy development, have an impact on the non-oil economy development. The GCC state are taking certain steps, mainly at the country level, to build an economy based on non-oil resources. This activity has had some success. However, these successes could have been higher if the GCC states had joined forces to form common technological platforms based on the interstate program (strategy) of innovative cooperation for a decade.

The peculiarities of the Russian financial market development by implementing digital technologies in the financial sector and the corresponding adjustments to the regulatory and legal aspects of financial activity have been analyzed. The entry of new investment instruments into the market has allowed to diversify the investment portfolio. Its main feature is functioning based on blockchain technology, which allows trading operations without intermediaries. If digital financial assets are combined with existing cryptocurrencies and the national digital currency (digital ruble) is introduced, it can significantly weaken the effect of sanctions that currently prevent foreign investors from entering the Russian financial market. It is one of the potential applications of digital financial assets. In the context of regional potential monetization, digital financial assets can serve as one of the tools for optimizing the debt burden of the consolidated budgets of the constituent entities of the Russian Federation. Currently, investors consider it as debt obligations. Considering the growing regional debt burden, the increase in federal budget expenditures on budget loans to the regions and borrowing by the regions among commercial banks, digital financial assets can become an important element in reducing the regional debt burden. The maximum effect can be achieved by removing restrictions on mutual settlements in the national digital currency (digital ruble) and ensuring access for foreign investors to the Russian digital asset market.

Amid deglobalisation, Russia affirms resilience and currency sovereignty. Geopolitical shifts and changing economic situation intensify the need for rapid de-globalisation. This article examines nations’ adoption of digital currencies, exploring their application for various aims. The study spotlights the influence of financial technologies on the development and functioning of the digital ruble, positioning it as a key element in the payment industry. Considering the increasing rise of cashless systems and impact of private digital currencies on the money supply, this paper stresses state control over digital money issuance and circulation. It proposes promising conditions for optimal digital currency growth within Russia. Recent cryptocurrency changes are analysed, focusing on nations’ attitudes towards the innovative technology. Issues regarding current and future digital currency regulations are explored. The paper investigates failed private cryptocurrency attempts and highlights successful cases of countries leveraging digital currencies to bypass sanctions and strengthen economic independence. It also tackles the problems and risks tied to the implementation of the digital ruble, suggesting better regulation, legal protections for users, and incentives promoting widespread usage, such as making the asset more appealing and providing a secure interface for transits.