THE FUTURE OF GREEN FINANCE IN RUSSIA UNDER SANCTIONS

Russia is relatively new to following ESG principles in comparison to other leading countries. The consequence has also been the active development of green finance mechanisms, including green bonds and green loans. However, the current economic crisis and international political instability put into question the future of ESG agendas in Russia, due to significant financial losses of companies, the departure of several major international companies and experts in the field of ESG implementation. The author of this article analyzes the current state of green finance in Russia and in the world. This analysis shows the level of ESG penetration in Russia, as well as the degree of development of green finance in the country. In addition, the author formulates the role of the state in the development of ESG principles and determines the optimal form of interaction between the state and private companies for the subsequent growth of green investments. This article also discusses the factors pushing countries to follow ESG principles. Finally, the paper analyzes the problems resulting from large-scale sanctions against Russia, which may have a negative impact on the development of ESG. At the same time, the author also considers those factors that should lead to an even more active ESG transformation. The results of the study will allow us to fully form an idea of the global and Russian markets for green finance, as well as highlight a number of problems associated with its development in Russia. In addition, its results will make it possible to draw a conclusion about the further prospects for the development of ESG and, as a consequence, green finance in Russia.

green finance, green bonds, ESG, sustainable development, sanctions, green loans, green economy, ESG factors, public-private partnership, financial instruments

Piskarev A. V. The future of green finance in Russia under sanctions. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2023;2(63):227—231. DOI: 10.25683/VOLBI.2023.63.658.