State Financial Regulation of Innovations in Russia under International Sanctions

In: Izvestija Jugo-Zapadnogo Gosudarstvennogo Universiteta. Serija ėkonomika, sociologija, menedžment, Band 13, Heft 3, S. 24-38

Abstract

Relevance. One of the most vulnerable aspects of the development of the Russian economy is its technological and innovative component. This aspect of the Russian economy was tried to reanimate and increase its effectiveness after the 2008 crisis, in order to move from a raw material model of economic growth to a model of advanced technological development. In 2022, Russia has no choice but to carry out a structural transformation of the economy, for the success of which it is vital to intensify and increase the efficiency of innovation. In this regard, the role of state financial regulation of innovation activities for the transition period is increasing.The purpose of this study is to substantiate approaches to state financial regulation of innovative development of the economy in the context of international sanctions and to clarify specific conditions for intensifying innovations in the non-state sector of the economy.Objectives: review of the scientific literature on the impact of sanctions on the dynamics of innovative activity; analysis of innovative activity in Russia over the past 10 years; justification of the methods and instruments of state financial regulation of innovations in the current conditions for Russia.Methodology. The article uses methods of analysis and synthesis of information, an overview analysis of scientific literature, horizontal and graphic analysis of Rosstat data on the innovative development of Russia.Results. The results of the work was the systematization of methods and instruments of state financial regulation in the context of international sanctions, as well as the justification of specific conditions for the successful innovative development of Russia in the current geopolitical situation.Conclusion. The Government should use a standard set of financial incentives for innovation activity, but to develop the non-governmental sector and improve the effectiveness of innovation activities, it is also necessary to create additional conditions for creating a favorable institutional environment in which appropriate private initiatives will be possible.