The article examines the military-strategic confrontation between the USA and Russia, with a growing tendency toward conflict escalation in Ukraine. It is demonstrated that the observed paradox — the West’s diminishing fear of a “thermonuclear Armageddon” — is driven by the duality of Russia’s position after 1991. On the one hand, Russian elites fell under Western influence, yet on the other, they retained the potential to “rise” and restore the country’s political sovereignty, leveraging its military-strategic capabilities. As a result, another unique phenomenon emerged: the ambiguity of Russia’s “red lines” in foreign policy, as they were either left undefined or continuously shifted. This led to the West becoming accustomed to Russia’s excessive caution and failing to “hear” its new signals. The situation is further reinforced and exacerbated by the United States’ lack of foreign policy flexibility due to its adherence to a mental model of global dominance, which comprises four key elements: the presumption of America’s divine exceptionalism, the doctrine of irreconcilability, the strategy of totality, and the refusal-to-accept-unacceptable-costs syndrome. The effect of power indivisibility, as described by S. Lukes, compounds this model and heightens the insensitivity of the American establishment to the escalation of tensions in Ukraine. The study highlights that the U.S. administration employs two intellectual “legacies” of John Foster Dulles in its strategy: the doctrine of “brinkmanship” and the doctrine of “bearable cost.” Since Russia has not inflicted any tangible damage on the United States, there is no incentive for the latter to abandon Dulles’ legacy or to de-escalate the confrontation. The author argues that to change the situation, it is necessary to ensure unacceptable costs for the U.S. in this confrontation. Specific measures to increase the “cost” of American hegemony are discussed, which could shift the focus from unilateral pressure on Russia toward a more favorable environment for constructive negotiations.

The article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation”, there are many controversial issues in law enforcement practice regarding the legal status of cryptocurrencies and their place in the financial system. The article analyzes existing approaches to defining digital assets in Russian and international regulations, as well as in scientific literature. The variety of classifications and the variety of functional characteristics inherent in different types of cryptocurrencies and tokens are noted. Key contradictions between the decentralized nature of cryptocurrencies and attempts at government regulation are identified. The author’s definitions of digital currency, cryptoasset and cryptocurrency are formulated, taking into account technological, economic and legal aspects. Recommendations are proposed for improving legislation and developing agreed standards in the field of digital financial assets. The authors emphasize the need to balance the interests of the state, business, and society to ensure the successful development of the digital economy in Russia.

Relevance In the context of a nationally oriented economy, the formation of innovative potential for regional economic development based on the industrial determinant of the budget-forming oil and gas industry is the most important driver of structural and technological shifts, modernization of modern industrial production and “energy transition 4.0” taking into account the challenges of the latest geopolitical reality. The economic production efficiency of an oil and gas region has a high impact on the functioning of the national economic system due to a numbeeconomy, contribute significantly to the formation of regional budgets, meanwhile, sustainability and energy security of the economy of oil and gas regions to overcome external shocks can be supported by innovative interregional and intersectoral industrial clusters with “anchor” enterprises for hydrocarbon extraction and processing. The objective of the study is to assess the formation problems and disclose the innovative potential of the regional oil and gas industry as a set of scientific and technological achievements and investment climate of the oil and gas region in the conditions of transformation of the global energy balance, technological and financial independence, sanctions restrictions on oil and gas exports. The result of the study is the development of an equilibrium cyclic model of the system of priority conditions and optimal results of formation and disclosure of the innovation potential of regional development under the influence of the industrial determinant of the budget-forming oil and gas industry and aimed at maintaining the economic resilience of the region.

The aim of the article is to dentify structural changes in the SME sector, indicating positive dynamics and qualitative transformations of the sector during the adaptation of the Russian economy to the shocks of 2022. The methods of the research is based on a rapid analysis of a representative sample of companies in the SME sector over the past five years. It considers its industry and institutional parameters, such as the type of activity, company scale, interaction with large businesses, belonging to individuals or legal entities. The relevance of the topic is determined by the need for a holistic understanding of the role and interaction of sectors in the development of the Russian economy in the current conditions. The significant role of the SME sector is confirmed in generating income for large-size dominant companies, which thus receive institutional rent. Such a vision is necessary both for forecasting the development of sectors and for restructuring public policy from paternalistic support to the logic of transformation management.

Subject. Endowment funds worldwide generate a significant portion of financing for higher education institutions. University endowment funds are nonprofit resources with long-term or perpetual operation, whose capital is formed through donations and subsequently invested to generate income channeled into the statutory objectives of universities. Objective. This study presents a comparative analysis of endowment capital management models at Russian and foreign universities. Depending on the balance between targeted risk and return indicators, various strategies are employed, ranging from conservative approaches utilizing traditional financial instruments to high-risk strategies with substantial investments in innovative startups. Relevance. In Russia, endowment funds are primarily regarded as a mechanism to ensure a stable long-term financial flow with minimal risks, regulated at the legislative level. Conclusions. Intensification of the inflow of funds into Russian university endowments by means of investing “long money” into innovative projects of advanced academic institutions (following the Stanford model) may contribute to economic growth. However, in order to achieve this, it is necessary to overcome existing problems, such as the following: instability of incoming cash flow; insufficient experience of intra-university structures in capital accumulation; restrictions imposed on the use of investment instruments, as well as volatility of the level of expenditure of cash flow.

The relevance of the study is due to the fact that small and medium-sized enterprises (SMEs) play a key role in the economy of any country. Therefore, it is important to investigate the factors that significantly influence their scaling. The aim of this article is to identify the presence or absence of a relationship between macro-level factors, government support, and the performance of SMEs across seventeen sectors of the national economy. In this regard, the authors proposed three hypotheses about the impact of government support measures on SME scaling results. Methods: the study was conducted using up-to-date data selected from reliable sources. The influence of various factors on the performance of SMEs in different sectors of the economy was assessed by building correlation models. Scientific novelty of the research lies in the development of methodological approaches to identifying scaling factors of SMEs and the creation of an assessment matrix for managing SME scaling in sectors of the national economy, taking government support into account. Research results revealed the resilience of certain sectors to the government support measures implemented under the national project of the Russian Federation. Practical significance of the article is that the findings can help improve the evaluation of how government support measures affect the dynamics of development and scaling indicators of SMEs in strategically important sectors of the national economy.

Due to the crisis phenomena affecting the automotive industry since 2020 — such as the shortage in microelectronics during the COVID‑19 pandemic, the withdrawal of key manufacturers as a result sanctions against Russia in 2022, and the impact of unfavorable economic factor — passenger car sales in 2022 decreased by 979,410 units compared to 2021. This has led to the transformation of the Russian automotive market and the search by its participants for new revenue sources and business models. The aim of this study is to analyze the structure and dynamics of the transformation of the Russian automotive market from 2018 to 2023, focusing on the activities of key players (automakers, distributors, car dealers) and related sectors (carsharing, auto leasing, online sales aggregators, micro-mobility services), as well as to bridge the gap in academic research on this sector. Methods. To study the market structure and key trends in Russia and globally from 2018 to 2023, reports from major international consulting firms — AEB, Autostat, AutoBusinessReview — as well as Russian regulatory acts were analyzed. The systematization of business trends in the automotive sector was conducted using a PESTLE analysis, while an assessment of changes in the value chain was carried out through interviews with industry experts.

Relevance of information. In 2015, the total quantities of gold reserves of the major BRICS countries (Russia, China and India) were 3423 tonnes, which had an aggregate value of 131,322 billion USD. In 2024, the overall gold reserves of these three countries totaled 5260 tonnes with the entire value of 304,434 billion USD, which means, the mass index has increased from 1 to 1.54 and the value index has grown from 1 to 2.32 during the period under review (2015–2024). Currently, the combined gold reserves of the BRICS countries account for 17 to 20 per cent of the entire global gold reserves. Methods. The given article uses the Orange software to forecast the amount and value of gold reserves of the BRICS countries (Russia, China and India) for the period of 2015–2029 at equal annual intervals. Findings. In the course of the study, the author comes to conclusions, that, in the near future, the BRICS countries will play an important role in the global economy, due to their own huge reserves of natural resources. The numerical analytic research presented in this article confirms this conclusion.

The aim of the article is to review the dynamics and key trends in the development of Russian-Chinese foreign trade over the past few years. China is one of the world’s largest producers and exporters, as well as an important political and economic partner of Russia. The expansion of Russian-Chinese trade cooperation — driven by the current geopolitical situation and the need for flexible solutions to financial and logistical challenges — has led to intensified interaction between Russia and both China’s border regions (where Russia has traditionally been a key trade partner), the economically developed coastal provinces, and even the less developed northwestern areas. Methods. The author analyzes the nature of bilateral trade cooperation, its potential growth areas, and its significance for both countries. It is convincingly argued that the impressive growth in trade turnover does not always indicate a qualitative shift in the trade structure. In conclusion, the article notes that Russia’s increasing focus on cooperation with Chinese partners places it in a position of dependence on China, for which Russia is an important — but not a top-priority — foreign trade partner. 

The article examines the problems raised in the works of the 2024 Nobel Laureates in Economic Sciences. The author focuses primarily on the role of the category of “property,” highlighting the laureates’ investigation into the exceptional status of property rights within economic theory. It is shown that this status is rooted in the myth of the “invisible hand of the market,” which emerged after Adam Smith and was based on a misinterpretation of his writings. The article also discusses the gradual erosion of transparency around property ownership, prompting a reassessment of both the concept of property and the relationship between property owners and political power structures. Drawing on the laureates’ findings, the author argues that the protection of property constitutes an independent socio-economic institution. The article concludes by examining two specific forms of property rights — those concerning the means of production and scientifictechnological innovations — demonstrating their close ties to other social institutions and their inability to exist in isolation.

Objective. This article explores the role of digital innovation ecosystems as a key driver in the development of Russia’s contemporary innovation financing system. Methods. The study is based on a review of relevant literature and comparative analysis. Results. The authors present a comprehensive analysis of both international and domestic experiences in the creation and operation of innovation clusters modeled on the “Silicon Valley” framework. The study also examines modern digital platforms that facilitate effective interaction between investors and innovative projects. Employing a systemsbased approach, the paper identifies the characteristics and limitations of current innovation financing instruments and substantiates the need for alternative mechanisms to attract private capital to the innovation sector. The authors propose practical recommendations for fostering the development of Russia’s digital innovation ecosystems. Scientific novelty. The research introduces an integrated approach to studying the role of digital innovation ecosystems in financing innovation in Russia. It incorporates insights from international “innovation valley” models and leverages the potential of modern digital platforms for investment attraction. Practical significance. The findings of this study can inform the design of national policy initiatives aimed at promoting innovation-led development and digital transformation of the economy.

Relevance of information. The given article substantiates institutional, administrative and managerial, organizational and economical concepts aimed to develop platform economy of the Russian Federation. Such concepts specifically include the formation of a list of systemically significant operators in the platform economy with an established special status for state regulatory regime to provide them different state support of economic preferences. These concepts also comprise unified approaches to state regulation of digital economic processes, as well as unified conditions for cross-border turnover of goods, services and capital within the framework of international entities with participation of the Russian Federation (Shanghai Cooperation Organisation, Eurasian Economic Union). Objective. The article provides calculation of dynamics of aggregate capitalization of systemically significant operators of the platform economy in the Russian Federation within the time frame period of 2022–2024. It also provides comparative analysis of the growth rates capitalization of the platform economy and GDP, as well as it reveals the major trends and social-economic effects, which the domestic platform economy currently generates. Methods. The authors apply synthetic, analytic, deductive etc. methods, as well as econometric tools. Conclusions. One of the major findings of the article is the following: introduction of large-scale digital assets contributes to overcome contemporary challenges for the Russian international and domestic logistics.