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National Interests: Priorities and Security

Transforming Russia's participation in the global financial architecture in the face of geopolitical challenges

Vol. 19, Iss. 1, JANUARY 2023

Received: 15 September 2022

Received in revised form: 8 November 2022

Accepted: 14 December 2022

Available online: 16 January 2023


JEL Classification: F33, F65, G15, G21

Pages: 128–145


Anton V. NAVOI Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject. This article examines the evolution of the global financial architecture.
Objectives. The article aims to analyze the opportunities of Russia in the context of globalization of the financial system.
Methods. For the study, I used general scientific research methods.
Results. The article substantiates the narrative of creating a parallel management circuit, namely, informal financial institutions (forums) operating in close coordination with international financial structures and providing soft regulation of financial relations on the basis of standards and codes. The article finds that Russia takes second place within the framework of the international financial architecture.
Conclusions. Resuming the discussion on securing the status of international means of payment for certain currencies, including the ruble, is in Russia's interest. New instruments of international settlement should be independent of issuers of reserve currencies.

Keywords: globalization, world economy, developing countries, international financial organizations, global financial architecture, international financial system, international codes and standards


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ISSN 2311-875X (Online)
ISSN 2073-2872 (Print)

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Vol. 19, Iss. 1
January 2023