DEVELOPMENT OF A STRATEGY TO ACHIEVE THE SOVEREIGNTY OF FINANCIAL INSTITUTIONS IN THE CONTEXT OF GLOBAL CHALLENGES

New economic reality of Russian companies, dealing under heavy pressure from environmental factors, has revealed weaknesses and faced critical areas in crucial spheres of business processes and management methods. Banking sector, responsible for ensuring the functioning of the financial system, provision of cash and settlement services as well as payments between the enterprises, has challenged fast adaptation to the new economic environment. The adaptation could be materialized by developing and implementing new strategies to ensure the sovereignty of the functioning of its infrastructure. The main instrument of negative impact on financial sector by the international community was the shutdown of the Russian banking system from international systems of settlement and exchange of financial information. In particular, disconnection from SWIFT, adding to SDN lists as well as closure of correspondent accounts in banks lead to limitations in settlements in foreign currency, mainly in euros and US dollars. New challenges for the Russian business community have necessitated the search for new strategies that provide the opportunity to stay in foreign markets, conduct import and export activities, form new relationships, develop software products and implement settlements in national currencies. This article examines the trends and problems of domestic financial institutions in the face of Western sanctions pressure, provides a number of assessments and offers a number of tools to form strategies for the positive development of the financial sector of the Russian economy. It is concluded that a necessary condition for this development is the introduction of internal independent financial processes in conjunction with the creation of new systems of interaction in the financial sphere with friendly countries.

strategy, strategic management, sanctions, sovereignty, payment system, financing, SWIFT, Financial Message Transmission System, Fast Payment System, CyberFT

Draganov S. A., Drondin A. L. Development of a strategy to achieve the sovereignty of financial institutions in the context of global challenges. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2023;2(63):35—39. DOI: 10.25683/VOLBI.2023.63.596.