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'Dr Kuznetsov's analysis is insightful and important. His practical good judgement and interdisciplinary analysis is original and refreshing in an area stalemated by outdated orthodoxies. Any merchant banker thinking of investing in Russia should read this book. Boris Yeltsin's advisers, and the IMF, certainly should do so.' Stuart Holland As foreign capital is of particular importance for the delicate process of opening up the ex-Soviet economy, this volume focuses on the investment climate in modern Russia. It examines a wide range of experiences that the country has had during the early stage of economic reform. Most attention is given to revealing the trends lying behind the dynamics of political and policy risks facing foreign investment. Specifically, the duality of the government economic policy and the consequences of economic nationalism and regionalism are considered.

The article discusses the crisis-prone nature of the functioning of the modern monetary system, which is manifested by the low efficiency of large-scale financial measures aimed at stabilizing international economic and financial relations. Based on the analysis of the historical and modern role of the countries of the East in the world economy, the objective reasons for the transformation of the world monetary system are revealed. It is shown that the potential dominance of the countries of the East in the world economy is largely determined by the dependence on the previous development. The significant size of wealth, territory and population allowed the eastern monarchies until the middle of the 19th century to develop their economies in a relatively isolated mode from the outside world. However, the voluntary rejection of the introduction of their own technological achievements and neglect to conduct foreign trade has made the countries of the East chronically dependent on the countries of the West. The inability of Great Britain (as the outgoing hegemonic country) to abandon in the first quarter of the 20th century the use of its national currency as world money and to transfer this privilege to the United States (as the new leader of the world economy) led to the destruction of the world economic order. The subsequent period of coexistence of two parallel monetary systems, independently serving alternative socio-economic models in the conditions of a bipolar world order, once again proved the possibility of making a high-quality scientific, technological and economic breakthrough without large-scale direct interaction between West and East in the international economic and financial arena. On the contrary, the return to the unipolar model of economic and financial globalization has led to another destruction of the rule-based world economic order. At present time, in order to stabilize international economic and financial relations, it is objectively necessary to form a new international monetary standard, taking into account the enduring world significance and global interests of the most dynamically developing countries of the East. The inclusion of the countries of the East in the management of global economic and financial processes seems quite natural, given the growing size of their GDP, exports and financial assets. The problem, however, is that, despite their undeniable economic power, the countries of the East are not yet able to offer the world a unique (different from the Western) development model shared by most other countries of the world. This increases the risks of their joint drift towards the adoption of a universal Western (Anglo-Saxon) economic model as a simulacrum of their institutional interaction.

The article is devoted to the review of current scientific research on foreign direct investment (FDI), which is not related to "classical" TNCs. It is shown that a separate study of "born global" firms from TNCs is required mainly because of the need to adjust the theoretical concepts that explain the phenomenon of TNCs. The separate study of FDI of sovereign investment funds and investors in foreign real estate is useful mainly due to the applied tasks of state regulation of such investments. Non-standard FDI can also include investments by pseudo-TNCs, with round-tripping FDI through offshore and similar jurisdictions, as well as FDI by private equity funds. At the same time, pseudo-TNCs and private equity funds can be studied within the framework of the established paradigm of TNCs analysis. Therefore, relatively small amount of publications are devoted to such topics. The majority of publications on non-typical FDI appeared only in the 2000s, which illustrates the blurring of the usual boundaries of FDI. Russian scientists are still focused on studying TNCs. This is partly due to the fact that a new direction has also emerged in such analysis – the study of TNCs from developing and post-socialist countries, which are often difficult to attribute to "classic" Western multinational investors. In this aspect, Russian and generally post-Soviet TNCs turned out to be interesting material for analysis at least in the first 10–15 years of the 21st century. However, the analysis of new FDI players is important for Russia for a number of reasons: 1) creating comfortable conditions for the import of capital to Russia while respecting national interests (FDI of sovereign funds, especially Chinese and Arab); 2) encouraging forms of capital export that contribute to improving the position of Russia in the international division of labor (primarily FDI in modern industries of small "born global" firms); 3) limiting excessive capital exports (FDI of pseudo-TNCs and individuals).

In this study Southern Africa refers to 10 countries: South Africa, Namibia, Botswana, Eswatini, Lesotho, Zimbabwe, Zambia, Malawi, Angola and Mozambique. The author states that this region can take an important place in the general policy of the economic turn of the Russian Federation to the Global South. The Soviet Union developed close ties with some countries, supporting them in their struggle for independence, but after the collapse of the USSR, our country "left the region". Analysis of main features of modern Russian foreign trade in goods and services, as well as foreign direct investment, has shown that only South Africa and Angola are characterized by a diversified structure of bilateral economic relations, and quite favorable in terms of Russian exports of goods. However, even in South Africa and Angola, the dynamics of trade with Russia is unstable, Russian investment was made by a limited number of leading TNCs (mainly in raw materials). Imports from Angola are associated only with diamonds, which does not distinguish this country from Mozambique, Zimbabwe and Malawi, which mainly specialize in the supply of tobacco raw materials to Russia. Russian high-tech exports are primarily related to arms supplies, while a significant proportion of other high value-added goods are usually associated with small volumes of supplies (as in the case of Russia's pharmaceutical exports to Angola). So far, Russian grain and mineral fertilizers are most in demand in Southern Africa. At the same time, almost all countries in the region have the potential to deepen cooperation with Russia. Russian companies that come to the region as investors will be able to significantly increase trade turnover and diversify its structure. The most significant investments have been made by Russian oil and gas TNCs and diamond mining giant ALROSA. However, Russian investors from other industries, as well as service companies, are also showing interest in Southern Africa. Acknowledgements. The article was prepared at IMEMO under the support of the Russian Science Foundation (project no. 17-78-20216).

The author discusses the factors and trends that determine the British pound's competitive position in various segments of the international monetary system. Despite the devaluation effect caused by Brexit, the pound is still the most expensive of the key international currencies. On the one hand, this is due to the fact that the ratio of the British pound monetary aggregate M1 to GDP is significantly lower than that of other major economies – issuers of reserve currencies. Thus, the pound has the lowest monetary risk of depreciation compared to other currencies. On the other hand, the international significance of the pound sterling is explained by the ability of British economy to service the huge external debt, which in relative size is the largest among the leading economies of the world. This state of affairs is achieved due to the fact that London is home to the largest number of foreign companies in the world that carry out operations in various Eurocurrencies, acting simultaneously as the main issuers of external debt obligations. The attractiveness of the pound sterling as the currency for the nomination of international debt instruments is due to the less risky currency profile of the pound sterling, as well as the relatively higher profitability of debt instruments. After the global financial crisis, the share of the pound in the official reserves of other countries and in the implementation of international payments is gradually increasing. The author comes to the conclusion about the possible strengthening of the future role of the pound as a stabilizer of international economic relations against the backdrop of an increase in unpredictable events taking place on both sides of the Atlantic such as fiscal crisis of the euro area, Brexit, the growing political tension in the USA, COVID 19. These events are increasingly threatening leading positions of the US dollar and the euro as the key international currencies.

The paper deals with the phenomenon of the Qatari-Saudi rivalry in the Middle East in the context of dissimilarities between political programs and aspirations of the two states in the Middle East.The following research undertakings are realized in the article:• an explanation of the reasons of Qatar and the Saudi Kingdom's domination in the Arab politics of the last 15 years;• an analysis of the Qatari foreign policy and the regional geopolitical agenda of Qatar;• an inquiry into the reasons and driving forces of the Saudi-Qatari conflict;• a study of the external actors' influence on the Saudi-Qatari conflict, taking into account the changers in the U.S. foreign policy;• investigation of the different political strategies of the Saudi Arabia and UAE in Yemen which may lead to disintegration of this country.The author emphasizes four main reasons for the Saudi-Qatari rivalry: support by the Qatari leadership of the international movement Muslim Brotherhood; tribal rivalry among the families of al-Saud and al-Thani; struggle for the ideological heritage of Muhammad Abdel Wahhab; different approaches to Iran, and its role in the region.

The article deals with Russian traditions of studies of foreign countries which have become an intellectual pillar for Russian economic expertise. The modern application of experience of Soviet scientific schools in international studies is shown, especially in the fields of world development forecasts, analysis of Russian foreign economic relations and research of economic policy abroad. The article is based on open sources with publications, reports and presentations about expert and analytical activities of the Institute of World Economy and International Relations (IMEMO) and other institutes of the Russian Academy of Sciences, VNIKI-Institute, MGIMO-University and some other centers. It is explained that results of international studies have become a necessary element for consulting of governmental bodies and businessmen in the epoch of globalization.

The article "The Islamic State phenomenon in the framework of the political changes in the Middle East" is dedicated to the "Islamic State", one of the most powerful and dangerous extremist organizations. Author realizes in this article: research of the genesis and causes of appearance of the movement "Islamic State"; analysis of the sociopolitical and geopolitical situation of the Iraqi Sunni community after the American invasion of 2003; bringing to the light factors of the high scale propagation of the Islamic extremism in Syria and Iraq; research of the military and political potential of the "Islamic State" and factors which could impede its expansion. Author considers "Islamic State" as an emergent phenomenon giving huge impact on the political situation in the Middle East. It provoked repartition of the old frontiers existed since the Sykes-Pico treaty of 1916. To the author's opinion oppression of the Iraqi Sunni community by the government of Nuri al-Maliki was the main cause of the Sunni revolt in Summer of 2014. Sunni tribes of Northern Iraq and former Baath party members were the driving forces of the revolt but then Jihadi extremists hijacked this revolt. To the author's mind elimination of the "Islamic State" is impossible without reconciliation between various religious communities in Syria and Iraq.

The author examines problems of Russia's integration into the global financial system since early 1990s. During this short period of time Russia has turned from a net debtor into a net creditor. This is evidenced by its current net international investment position, as well as by active participation in the formation of credit resources of the key international financial institutions, particularly IMF. Still, the net investment income of Russia is negative. Such a disadvantage is explained by the difference in interest rates between payments of Russia on its external obligations and receipts as income from investments in foreign assets, mainly low-income bonds of developed countries, which form Russian international reserves. For three centuries the United Kingdom and the United States have been playing key role in the development of the global financial system. Today London and New York still operate nearly two thirds of the volume of global flows of capital in the international financial markets. Thus, as one of major economies in terms of GDP and as a resource-richest country of the world, Russia, as author argues, can rightfully claim for a more adequate share of income from the global financial intermediation. Obstacles include the lack of development of the domestic financial market and insufficient international demand for financial instruments denominated in Rubles. Russian Ruble remains a purely internal currency which practically is not used in the international trading and financial operations. At this stage, Russia's inability to influence the basic conditions of refinancing on international capital markets, as well as the recent Western sanctions make impossible the full-scale participation of Russia in the processes of financial globalization. The author concludes that alternative way of Russia's entry into the global financial system lays in playing the key role in the creation of the regional financial market of the Eurasian Economic Space.

The article is based on statistics of monitoring of Russian FDI in the CIS and other Eurasian countries which is being conducted under the author's leadership in the IMEMO-Institute since 2011 with the financial support of the Eurasian Development Bank. Real distribution of the Russian outward FDI stock in the CIS and other neighboring countries is shown. It includes data on FDI via offshores. Motives of Russian TNCs' activities are explained. It is stressed that full-fledge corporate integration in the CIS does not exist. Special attention is paid to the competition between Russian firms and TNCs from the EU and China in their investment expansion in Ukraine and Central Asia.

The article "The Sunni-Shi'ite rivalry and its influence on the geopolitical situation of the Middle East" is dedicated to the sectarian conflicts in the Middle East region in last 30 years. Author considers the Islamic revolution of 1979 in Iran as the point of departure of this conflict. Author of the article makes a difference between the Shi'ite Islamic revolutionary doctrine of Khomeini and the Salafi Islamic fundamentalism of Saudi Arabia. Author realizes the analysis of the war between Iran and Iraq in 1980-1988. This analysis is emphasized on the regional geopolitical situation and positions of the outside actors (Saudi Arabia, USA, France, Germany). Then it is covered the American invasion of Iraq in 2003 and its geopolitical consequences. To the author's mind this aggression and further empowerment of the Shi'ite majority reduced to the civil war in Iraq and exacerbation of the sectarian conflict. Author of the article considers these events as a part of the geopolitical rivalry between Iran and Saudi Arabia to unfold in the areas of Iraq, Syria and Lebanon.

The low effectiveness of Russia's and Ukraine's dissociated integration into the global economic space is ascertained. The necessity of joining Russian and Ukrainian efforts to restore the indivisible economic complex as the only acceptable way of countering the globalization challenges is educed.

The article shows rather modest role of BRICS countries in the outward foreign direct investments. However, the share of BRICS in global FDI rapidly increases due to the growth of Russian and Chinese activities abroad. The analysis of 25 leading and some other transnational corporations from different industries of BRICS demonstrates significant heterogeneity of these companies. They have various key motivations for expansion abroad and represent diverse modes of state support for foreign direct investments. As a result, BRICS countries have a few common aims in the global regulation of investment processes. Moreover, transnational corporations from BRICS often compete with each other.