Finance

‘Black Turkeys’: New Outlook on Measuring Severity of Financial Crises
Opinions
‘Black Turkeys’: New Outlook on Measuring Severity of Financial Crises
  |   Alexander Abramov ,  Maria Chernova

Financial crises are associated with ‘black swans’, i.e. sudden market crashes. However, if a crisis is viewed as a peak-to-recovery period, the ‘swans’ become ‘turkeys’: routine and protracted events. They are almost unnoticeable but systemically chip away at investors’ wealth.

Principles and Instruments of Islamic Finance
Opinions
Principles and Instruments of Islamic Finance
  |   Elmira Imamkulieva, Anastasia Soboleva

Unlike conventional finance, where profit is derived from interest on loans, Islamic finance works on a different logic: income only arises from real assets and shared risk. Over the past half-century, Islamic finance has grown into a global industry spanning 140 countries.

‘A Tsunami Cannot Be Banned’: Potential and Risks of AI
Economics
‘A Tsunami Cannot Be Banned’: Potential and Risks of AI
  |   Irina Ryabova

Participants in the Bank of Russia’s Financial Congress discussed the impact of the rapid development of artificial intelligence on the economy, the risks it carries, and how regulators should respond.

‘Let’s Build Additional Rails’: a Russian Stablecoin
‘Let’s Build Additional Rails’: a Russian Stablecoin
  |   Vlasta Demyanenko

In Russia, unlike the USA and the EU, there is no specific regulation governing stablecoins. Participants in the Bank of Russia’s Financial Congress discussed whether this provides advantages or disadvantages for the market and whether it is time to change the rules and why.

In Search of Balance: Partnership Between Banks and Marketplaces
In Search of Balance: Partnership Between Banks and Marketplaces
  |   Arina Raksina

The dispute between banks and marketplaces over price discrimination based on payment method has moved into a dialogue phase. Participants in the Bank of Russia’s Financial Congress discussed just how successful it has been.

Should We Expect a Storm? Russian Banks and the Challenges of the New Reality
Financial Stability
Should We Expect a Storm? Russian Banks and the Challenges of the New Reality
  |   Vlasta Demyanenko

Participants in the Bank of Russia’s Financial Congress discussed whether the risks to financial stability had increased over the past year and to what extent banks were prepared to meet new challenges.

Digital Ruble: a Conversation about the Future
Economics
Digital Ruble: a Conversation about the Future
  |   Irina Ryabova

The large-scale introduction of the digital ruble will begin in Russia in September 2026. Participants in the Bank of Russia’s Financial Congress discussed what needs to be done to ensure that it becomes a technological platform for the development of the entire financial market.

Crowdfunding as a Trust Test: a Factor Model of Early Risk Capital in the Russian Economy
Economics
Macroeconomics
Crowdfunding as a Trust Test: a Factor Model of Early Risk Capital in the Russian Economy
  |   Natalia Voevodina, Ekaterina Bugaeva, Natalia Kuznetsova

Crowdfunding needs more than just money and internet access to grow. Interpersonal trust, institutional predictability, and cultural behaviour patterns are essential for collective investment: crowdfunding can serve as a mirror reflecting the level of trust in the economy.

‘Investors Need to Be Buttered Up’
‘Investors Need to Be Buttered Up’
  |   Vlasta Demyanenko

To double the Russian stock market's capitalization, it’s necessary to increase the volume of public offerings multi-fold. Participants at the Financial Congress discussed whether this is realistic and what should be done to attract that many issuers and investors to the market.

Six Facts about Stock Market Capitalisation
Opinions
Six Facts about Stock Market Capitalisation
  |   Sergey Moiseev

Stock market capitalisation plays a significant role in creating wealth for the population, and often draws the attention of financial authorities. But what drives capitalisation growth and what is its ‘optimal’ size? Some of the answers can be found in economic science.

Sustainable Finance in Russia: Present and Future
Opinions
Sustainable Finance in Russia: Present and Future
  |   Ekaterina Kopalkina, Monika Arustamyan

The Russian market is assimilating key green financial instruments: bonds, corporate lending, and mortgages. However, there are other forms of sustainable finance that could also potentially take root in the market.

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