CORPORATE  FINANCE

Analysis of the implementation of the company’s financial  strategy (on the example of the company PJSC «KAMAZ»)
Petrikova E.M., doctor of economic science, professor of chair of finance and prices Plekhanov Economic University, e-mail: petrikova@mail.ru
SPIN-code: 3457-7077; AuthorID: 407212; Scopus ID: D-6976-2014; ID РИНЦ: 3457-7077; ORCID: 0000-0001-6816-1175; ResearcherID: D-6976-2014
Artamonova Yu.S., candidate of economic science, associate professor of the department of economics, organization and production management Penza state university of architecture and construction, e-mail: clusterwings@mail.ru
SPIN-code: 8187-8715; AuthorID: 57204361648; Scopus ID: ABB-9639-2020; ID РИНЦ: 8187-8715; ORCID: 0000-0003-2219-6318; ResearcherID: ABB-9639-2020
Zarifov R.R., project manager «SIG Kombiblock LLC», e-mail: raf785@mail.ru

Annotation. The relevance of the chosen topic lies in the need to analyze the company’s financial strategy in order to expand the scope of its activities and increase its value, attract investment and develop new sources of financing. The article provides an analysis of the financial strategy of KAMAZ PJSC for 2015–2019, analyzes the mistakes made during this period and the reasons for the actual failure to achieve the key indicators of the company’s financial strategy. Much attention is paid to the development of recommendations and proposals for the launch in 2020 of a new stage of the implementation of the financial strategy until 2025, taking into account all the mistakes made at the previous stage, including the lack of specific measures to attract and place funds, manage the company’s investment resources as part of the implementation of the financial strategy measures. Recommendations are presented, including the need to develop new markets for the company’s products, the organization of a new competitive production of innovative products that provides flexibility, rapid adaptation of the production chain to changing environmental conditions, as well as the use of new ways to obtain state support for the implementation of investment projects for development, market expansion, and product quality improvement.
Keywords: financial strategy, key indicators, financing, investment projects, financial analysis, modernization of production, financial resources.

References
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2. Finansovaya strategiya, planirovanie i byudzhetirovanie: v 2-h ch. Ch. 1: ucheb. posobie / I.A. Belolipcev, I.I. Lukina, A.S. Kabirova, D.V. Chuvilin. – M.: Prometej, 2018. – 92 c. – S. 76.
3.  Sergeeva I.G., Dzvinkajte M.V. Finansovye strategii obespecheniya konkurentosposobnosti predpriyatiya//Ekonomika i ekologicheskij menedzhment. – 2017. – № 1 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/finansovye-strategii-obespecheniya-konkurentosposobnosti-predpriyatiya (data obrashcheniya: 01.07.2021).
4.  Rasleva K.S., Savchuk R.R. Finansovaya strategiya v sisteme strategicheskogo upravleniya predpriyatiem / Aktual’nye problemy social’no-gumanitarnogo znaniya. – M.: Pero, 2019. – S. 148–153.
5.  Podbornova E.S. Issledovanie faktorov, vliyayushchih na formirovanie finansovoj strategii avtomobilestroitel’nyh predpriyatij // Vestn. Samar. un-ta. Ekonomika i upravlenie. – 2017. – T. 8. – № 3. – S. 20–27.
6.  Sadykov O.V. Finansovyj analiz i ego rol’ v formirovanii finansovoj strategii predpriyatiya//Innovacionnaya nauka. – 2016. – № 3-1 (15) [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/finansovyy-analiz-i-ego-rol-v-formirovanii-finansovoy-strategii-predpriyatiya (data obrashcheniya: 01.07.2021).
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8. Godovoj otchet PAO «KAMAZ» [Elektronnyj resurs]. URL: kamaz.ru/investors-and-shareholders/information-disclosure/annual-report/(data obrashcheniya: 01.07.2021).
9. Tarachev V.A., Petrikova E.M. Obligacii proektnogo finansirovaniya kak innovacionnyj instrument snizheniya infrastrukturnyh ogranichenij ekonomicheskogo rosta v strane // Finansy i kredit. – 2014. – № 47 (623). – S. 2–16.
10.  Shchegolevatyh N.L. Faktory, vliyayushchie na finansovuyu strategiyu kompanii // Russian economic bulletin. – 2020. – № 2 (3). – S. 107–112.
11.  Copa N.V., Hramova A.V. Razrabotka finansovoj strategii razvitiya predpriyatiya na rynke mebel’nogo proizvodstva // Ekonomika stroitel’stva i prirodopol’zovaniya. – 2019. – № 2 (71). – S.  117–127.

Working capital management policy of agricultural organizations and its improvement
Fedotova M.Yu., PhD in Economics, Associate Professor of the Department of Finance and Business Informatization, FSBEI HE Penza State Agricultural University, e-mail: fedotova_my@mail.ru
SPIN-code: 9045-4718; Author ID: 460667
Tagirova O.A., PhD in Economics, head of the Department of Finance and Business Informatization, FSBEI HE «Penza State Agricultural University», e-mail: tagirowa2008@mail.ru
SPIN-code: 4033-9203; Author ID: 447458

Annotation. The article discusses theoretical and methodological issues of working capital management of agricultural organizations, in particular, the stages of formation of the policy of financing the working capital of a business entity are determined, the characteristics of approaches to working capital management, such as conservative, moderate and aggressive, are given. When conducting a study of the state of working capital in Pachelmskoe hozyajstvo LLC, it was not revealed that there was a clearly defined working capital management policy. For the analyzed organization, a compromise policy of working capital management is proposed, which is characterized by a restrained style of working capital management. At the same time, the amount of working capital is maintained at an optimal level, which makes it possible to cover all the current expenses of the farm. To this end, Pachelmskoe hozyajstvo LLC proposes to introduce an inventory management system and regulate accounts receivable management.
Keywords: policy, management, financing, working capital, agricultural organization, approaches, compromise, stocks, accounts receivable, optimization.

References
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3. Anohina O.V. Mekhanizm vosproizvodstva oborotnogo kapitala sel’skohozyajstvennyh organizacij: avtoref. … dis. kand. ekon. nauk. – M., 2012. – 23 s.
4. Gerasimenko O.A. Povyshenie effektivnosti upravleniya oborotnymi sredstvami sel’skohozyajstvennyh predpriyatij (po materialam Krasnodarskogo kraya): avtoref. … dis. kand. ekon. nauk. – Krasnodar, 2004. – 25 s.
5. Fedotova M.Yu. Ispol’zovanie AVS- i XYZ-analiza v upravlenii zapasami / M.Yu. Fedotova, O.A. Tagirova // Upravlencheskij uchet. – 2015. – № 5. – S. 67–75.
6. Borovinskih V.A. Opredelenie potrebnosti sel’skohozyajstvennogo predpriyatiya v oborotnyh sredstvah / V.A. Borovinskih, T.N. Medvedeva // Agrarnyj vestnik Urala. – 2011. – № 11 (90). – S. 58–60.
7. Klebanovich N.V. Himicheskaya melioraciya pochv: praktikum dlya stud. geograf. f-ta / N.V. Klebanovich. – Minsk: BGU, 2018. – 47 s.
8. Muhambetova Ya.O. Opredelenie potrebnosti v oborotnyh aktivah sel’skohozyajstvennoj organizacii / Ya.O. Muhambetova, M.Yu. Fedotova // Aktual’nye problemy finansirovaniya i nalogooblozheniya APK v usloviyah globalizacii ekonomiki: sb. st. V Vserossijskoj nauch.-prakt. konf. / MNIC PGAU. – Penza: RIO PGAU, 2018. – S. 157–161.
9. Fedotova M.Yu. Postroenie effektivnoj sistemy kontrolya za dvizheniem debitorskoj zadolzhennosti i ee optimizaciya / M.Yu. Fedotova, O.V. Novichkova//Audit i finansovyj analiz. – 2017. – № 3–4. – S. 265–269.
10. Tagirova O.A. Ocenka i organizaciya effektivnogo upravleniya debitorskoj zadolzhennost’yu kompanii / O.A. Tagirova, M.Yu. Fedotova, A.V. Nosov // Upravlencheskij uchet. – 2019. – № 7. – S. 34–42.

The corporate purpose and balance of multidirectional interests among interested persons
Lutsenko S.I., Expert, The Corporate and Project Management Institute (Moscow) Analyst, Institute for Economic Strategies (Moscow), e-mail: scorp_ante@rambler.ru

Annotation. The author considers the purpose of activity of the company – creation of the corporate benefit. The active position of the shareholder means building of such economic strategy of business which will allow to establish balance of financial interests among interested persons (the shareholder, management, employees) in the conditions of multidirectional interests. Article has cross-disciplinary character as mentions as the elements of corporate management which are the part of corporate finances both sciences, and, certainly, corporate law.
Keywords: corporate benefit, status of the shareholder, corporate purpose, standard of  behavior of management, statute, economic interest.

References
1. Berle A., Means G. The Modern Corporation and Private Property // Transaction Publishers. – 1991. – P. 380.
2. The Business Roundtable, Statement on the Purpose of a Corporation (2019) [Electronic resource]. URL: opportunity.businessroundtable.org/ourcommitment/ (date of appeal: 15.06.2021).
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4. Strine L. The Dangers of Denial: The Need for A Clear-Eyed Understanding of the Power and Accountability Structure Established by the Delaware General Corporation Law // Working paper. Harvard Law School. – 2015. – Pp. 1–41.
5. Strine L. Corporate Power is Corporate Purpose I: Evidence from My Hometown // Working paper. University of Pennsylvania Law School. – 2016. – Pp. 1–38.

INVESTMENTS AND BUSINESS

The role of investment activity in the development of industry in the Russian Federation
Sedova N.V., Doctor of Economics sciences, Professor Department of National and Regional Economics Plekhanov Russian University of Economics, e-mail: 79255181101@mail.ru
SPIN-code: 8816-0547
Dmitrenko K.A., 4rd year student, Economics and Law faculty Plekhanov Russian University of Economics, e-mail: dmit_ksenia@mail.ru
SPIN-code: 1787-4120

Annotaion. The article analyzes the trends and patterns that characterize investment activity in the industry of the Russian Federation, and also considers the instruments of state influence on the dynamics of investment investments and their effectiveness. Practical recommendations are given for stimulating investment activity in the manufacturing industry and reducing the dependence of the domestic economy from raw materials exports.
Keywords: investment activity, industry, manufacturing, monetary policy, fiscal policy.

References
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7.  Sedova N.V., Filatov A.S. Povyshenie effektivnosti upravleniya regional’nymi investicionnymi proektami // Regional’naya ekonomika. – 2020. – T. 8. – № 3. – Pp. 130–138.
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13. Osnovnye izmeneniya nalogovogo zakonodatel’stva v 2020 godu: obzor // Sistema «Konsul’tantPlyus» [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_332619/ (data obrashcheniya: 27.03.2021).

Special economic zones as a regional investment policy tool: current situation, problems and ways of their solution
Bondarenko N.E., Сandidate of Economic, Associate Professor of the Departament for Economic Theory Plekhanov Russian University of Economics, e-mail: vita06@inbox.ru
SPIN-code: 5689-0101; ORCID: 0000-0002-9301-8642; Scopus ID: 57192589620; РИНЦ Author ID: 582283

This work was supported by the Russian Foundation for Basic Research, Grant No. 20-010-00578A «Modeling the Assessment of Effective Management of Social and Economic Development of Russian Regions Based on Artificial Neural Networks».

Annotation. The article examines special economic zones (SEZs) as an integrative instrument of state investment policy, which ensures the attraction of direct domestic and foreign investment in Russian regions and key sectors of the domestic economy. There is a tendency to transfer the management of these territories to regional authorities, which makes it possible to achieve a higher budgetary and social efficiency of the SEZ development. The tax preferences in the SEZ and the features of their structure are considered, which contributes to the mobilization of a larger number of investors in the regions of the Russian Federation. Analyzed the performance indicators of the SEZ of various types for 2020; a number of problems have been identified, indicating the need to improve the mechanisms for regulating SEZ at the regional level, and possible ways to overcome them have been identified.
Keywords: special economic zones, state investment policy, direct investment, foreign investment, tax benefits and preferences, infrastructure support.

References
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TAXES AND TAXATION

Issues of formation of local budget tax revenues
Madreimov A.O., senior lecturer of «Finance» department of Karakalpak State University named after Berdakh (Nukus city), е-mail: aytbay.madreymov@mail.ru
ORCID: 0000-0003-3945-2584

Annotation. This article considers significant aspects of the use of local taxes in the formation of local budget revenues and theoretical foundations for assessing tax potential of regions. In addition, the research paper has studied foreign experience within the framework of formation of local budget revenues, current state of formation of local budget revenues, as well as the issues for its improvement. Such research methods such as induction and deduction, logical, monographic and comparative analysis have been widely used in this research. The article presents the author’s position based on the results of research by economists on the formation of local budget revenues and relevant conclusions have been developed in reliance upon the analysis done. According to the results of the study, proposals and recommendations have been worked out for the implementation of essential measures to generate revenues of local budgets in reliance upon the formulated conclusions.
Keywords: taxes, tax rate, tax base, tax potential, local budget, representative tax system.

References
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8.  Najdenova T., Shvecova I. Ocenka formirovaniya dohodnoj bazy mestnogo byudzheta (na materialah municipal’nogo obrazovaniya gorodskogo okruga «Syktyvkar») [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/otsenka-formirovaniya-dohodnoy-bazy-mestnogo-byudzheta-na-
materialah-munitsipalnogo-obrazovaniya-gorodskogo-okruga-syktyvkar (data obrashcheniya: 05.06.2021).
9. Afanas’eva E.E. Problemy formirovaniya dohodov mestnyh byudzhetov v usloviyah centralizacii finansovyh resursov [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/problemy-formirovaniya-dohodov-mestnyh-byudzhetov-v-usloviyah-tsentralizatsii-finansovyh-resursov (data obrashcheniya: 05.06.2021).
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13. Sinel’nikov-Murylev S., Kadochnikov P., Idrisov G. Nalog na pribyl’ predpriyatij: analiz reformy 2001 g. i modelirovanie nalogovogo potenciala regionov [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/nalog-na-pribyl-predpriyatiy-analiz-reformy-2001-g-i-modelirovanie-nalogovogo-potentsiala-regionov (data obrashcheniya: 05.06.2021).
14.  Orlova E.V. Issledovanie zarubezhnogo opyta upravleniya finansovo-byudzhetnoj nesostoyatel’nost’yu municipal’nyh obrazovanij [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/issledovanie-zarubezhnogo-opyta-upravleniya-finansovo-byudzhetnoy-nesostoyatelnostyu-munitsipalnyh-obrazovaniy (data obrashcheniya: 05.06.2021).
15. Zayarnaya I.A., Kol’cyuk N.V. Rol’ mestnyh byudzhetov v obespechenii effektivnosti upravleniya municipal’nymi finansami v Rossii i v zarubezhnyh stranah [Elektronnyj resurs]. URL: elibrary.ru/item.asp?id=43031590 (data obrashcheniya: 05.06.2021).
16. [Elektronnyj resurs]. URL: soliq.uz (data obrashcheniya: 10.08.2021).
17. [Elektronnyj resurs]. URL: mf.uz/ru/(data obrashcheniya: 10.08.2021).
18. Byudzhetnyj kodeks Respubliki Uzbekistan [Elektronnyj resurs]. URL: lex.uz/docs/2304140 (data obrashcheniya: 10.08.2021).

 
FINANCIAL MARKET

Prospects for multipolar international monetary system
Balyuk I.A., Doctor of Economic Sciences, Associate Professor, Associate Professor of the Department of World Finance Financial University under the Government of the Russian Federation, Moscow, e-mail: balyuk@bk.ru
SPIN-code: 7830-5209; ORCID: 0000-0002-7609-8089

The article was prepared based on the results of research undertaken at the expense of budgetary funds according to the government assignment of the Financial University.

Annotation. The paper analyzes the potential of expanding the scope of international implementation of national currencies of developing countries and assesses the prospects for establishing a multipolar international monetary system. The conclusion is made that that the basis of increasing the degree of internationalization and the level of competitiveness of the national currencies of developing countries is a stable, sustainably developing national economy with an efficient, diversified structure, dominated by export-oriented industries backed by the government. In the author’s opinion, the most promising instrument for the formation of a competitiveness pole of developing countries’ currencies is BRICS countries, whose activities could be expanded through a cooperation with other developing countries (primarily Turkey).
Keywords: international monetary system, national currencies of developing countries, international financial market, internationalization of currencies, monetary policy, exchange rate regime.

References
1. RMB Tracker. Monthly reporting and statistics on renminbi (RMB) progress towards becoming an international currency. SWIFT, April 2021. – Pp. 3–4.
2. BIS Triennial Central Bank Survey 2019. – 23 p.
3. Official Internet site of the International Monetary Fund [Elektronnyj resurs]. URL: data.imf.org/(data obrashchenija: 15.06.2021).
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5. Official Internet site of the World Bank [Elektronnyj resurs]. URL: databank.worldbank.org/(data obrashchenija: 19.06.2021).
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7. Micic K. Recent trends in EME government debt volume and composition. BIS Quarterly Review, September 2017. – Pp. 22–24.
8.  Potemkin А.I. Ob usilenii roli rossijskogo rublia v mezhdunarodnykh raschetakh//Dengi i kredit. – 2010. – № 8. – S. 3–10.
9. Central bank digital currencies: foundational principles and core features. Bank for International Settlements, 2020. – 26 p.
10. Official Internet site of the Bank of Russia [Elektronnyj resurs]. URL: cbr.ru/press/event/?id=8175 (data obrashchenija: 14.06.2021).

Formation of national digital currency on the example of PRC and RF
Fan Yingbin, post-graduate, the basic department of international law, finance and economics of China, Plekhanov Russian University of Economic, Russia, Moscow, e-mail: 1298099345@qq.com
Bolvachev A.I., Doctor of Economics, Professor, Director of the ONC «Finance», Plekhanov Russian University of Economics, e-mail: bolvachev.AI@rea.ru
SPIN-code: 1080-9379; Author ID: 277485; ORCID ID: 0000-0001-7537-6756

Annotation. The article presents the results of the research, the historical and evaluative characteristics of the institutional development of the Digital Yuan and the Digital Ruble are given. To this end, the work described the predictive path of China’s digital currency, listed and identified the possible advantages of the features of digital yuan. By analogy with the digital yuan, the process of introducing the digital ruble is described – the characteristics and national features of the introduction, development and possible advantages of the Russian digital currency are given. For this, the re-educated characteristics of the digital currencies of the PRC and the Russian Federation were also presented, the planned (in aggregated form) algorithm for the operation of these instruments was described.
Keywords: digital currency, digital yuan, digital money format, international payments.

References
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3. Elektronnyj sopernik: smozhet li cifrovaya valyuta Kitaya potesnit’ dollar v mezhdunarodnyh raschyotah [Elektronnyy resurs]. URL: russian.rt.com/business/article/817988-cifrovoj-yuan-dollar-konkurenciya (data obrashcheniya: 10.08.2021).
4. Pochemu Kitaj vzyal na vooruzhenie blokchejn i kak on ispol’zuetsya v Rossii [Elektronnyy resurs]. URL: fintechru.org/publications/pochemu-kitay-vzyal-na-vooruzhenie-blokcheyn-i-kak-on-ispolzuetsya-v-rossii/?sphrase_id=2369 (data obrashcheniya: 10.08.2021).
5. Cifrovoj rubl’: zachem on zapuskaetsya i kak budet rabotat’ [Elektronnyy resurs]. URL: fintechru.org/publications/tsifrovoy-rubl-zachem-on-zapuskaetsya-i-kak-budet-rabotat/?sphrase_id=2369 (data obrashcheniya: 10.08.2021).
6. Cifrovaya valyuta centrobankov: chto nuzhno znat’ [Elektronnyy resurs]. URL: tass.ru/ekonomika/10331451 (data obrashcheniya: 10.08.2021).
7. Cifrovye valyuty sostavyat konkurenciyu v pervuyu ochered’ platezhnym sistemam [Elektronnyy resurs]. URL: kommersant.ru/doc/4803889 (data obrashcheniya: 10.08.2021).

Conceptual aspects of regtech development
Borisova O.V., Ph. D., associate professor of Department public finance, Financial University, Russian Federation, e-mail: jalo-jalo@mail.ru
SPIN-code: 5297-3667; ORCID: 0000-0002-7889-2745; Researcher ID: AAW-9161-2020; Scopus ID: 57191410077

Annotation. The emergence of the digital economy led to a change in regulatory technologies, which led to the active development of RegTech. As a result, a new concept began to form, the formation of which is considered in the study. The author shows the approaches to the introduction of RegTech in individual jurisdictions, its step-by-step development, generalizes the conceptual apparatus, identifies modern trends, and also proves individuality in development.
Keywords: RegTech development, RegTech solutions, RegTech concept.

References
1. Dik E.V., Hominich I.P., Asyaeva E.A., CHeluhina N.F. Mirovoj strahovoj rynok: sovremennye tendencii razvitiya i finansovye riski Rossii: мonografiya. – M.: Rusajns, 2018. – 550 s.
2. Steele C., Cassidy J. There’s a revolution coming. Embracing the challenge of RegTech 3.0//KPMG. 2018 [Elektronnyj resurs]. URL: assets.kpmg/content/dam/kpmg/uk/pdf/2018/09/regtech-revolution-coming.pdf (data obrashcheniya: 30.07.2021).
3. RegTech in Financial Services: Technology Solutions for Compliance and Reporting. Institute of International Finance. 2016  [Elektronnyj resurs]. URL: iif.com/Publications/ID/1686/Regtech-in-Financial-Services-Solutions-for-Compliance-and-Reporting (data obrashcheniya: 05.08.2021).
4. Osnovnye napravleniya razvitiya tekhnologij SUPTECH i REGTECH na period 2021–2023 godov. Bank Rossii. 2021 [Elektronnyj resurs]. URL: cbr.ru/Content/Document/File/120709/SupTech_RegTech_2021–2023.pdf (data obrashcheniya: 05.08.2021).
5. Regulatory technology (RegTech) Navigating the right technology to manage the evolving regulatory environment // EY regulatory technology (RegTech) brief 2019.
6. Velvet A. Canada taking the lead in RegTech. 2017. No. 2 [Elektronnyj resurs]. URL: medium.com/@velvet_anna/canada-taking-the-lead-in-regtech-9b808d765704 (data obrashcheniya: 05.08.2021).
7. Ainger N. Regtech report encourages regulators to innovate and US to participate more in fintech-aided compliance. 26.06.2017 [Elektronnyj resurs]. URL: cnbc.com/2017/06/26/regtech-report-encourages-regulators-to-innovate-and-us-to-participate-more-in-fintech-aided-compliance.html (data obrashcheniya: 05.08.2021).
8. The Global City In partnership with: RT Associates 2021: A Critical Year for RegTech [Elektronnyj resurs]. URL: theglobalcity.uk/PositiveWebsite/media/Research-reports/2021-A-Critical-Year-for-RegTech-final.pdf (data obrashcheniya: 05.07.2021).
9. Wray P., Mackay W., Loh I., Young D., Ang Y.S. Australia’s Global RegTech Hub Poised for Growth. 27.10.2020 [Elektronnyj resurs]. URL: bcg.com/en-au/publications/2020/australia-global-regtech-hub-poised-for-growth (data obrashcheniya: 14.08.2021).
10. Regtech in China Shifts from Compliance Management to «Active Control»: Government Report. 09.09.2020 [Elektronnyj resurs]. URL: chinabankingnews.com/2020/09/09/regtech-in-china-shifts-from-compliance-management-to-active-control-government-report/(data obrashcheniya: 14.08.2021).
11. Obzor rynka RegTech i LegalTech: perspektivnye tekhnologicheskie napravleniya i trendy razvitiya. GBU «Agentstvo innovacij goroda Moskvy». 07.2021 [Elektronnyj resurs]. URL: innoagency.ru/files/Obzor_rynka_RegTech_LegalTech_2021.pdf (data obrashcheniya: 05.08.2021).
12. Voprosy i napravleniya razvitiya regulyatornyh i nadzornyh tekhnologij (RegTech i SupTech) na finansovom rynke v Rossii: doklad dlya obshchestvennyh konsul’tacij. Bank Rossii. 2018 [Elektronnyj resurs]. URL: cbr.ru/content/document/file/50667/consultation_paper_181016.pdf (data obrashcheniya: 05.08.2021).

ACTUAL THEME

Development of «green» finance in the world and in Russia
Chenchik Y.V., chartered financial analyst (CFA), Head of the Division of systemic risks analysis and development of macroprudential measures for corporate lending of the Financial Stability Department of the Central Bank of the Russian Federation, e-mail: chenchik.invest@gmail.com
ORCID: 0000-0003-4336-6144

Annotation. The article examines the growing popularity of the phenomenon of green finance in the concept of sustainable development, demonstrates the relationship between finance and the environment, analyzes the green finance market and one of its main instruments – green bonds. The author reveals the principles of issuing green bonds, analyzes the dynamics of the development of green finance markets in the world and in Russia.
Keywords: green finance, green bonds, ESG, sustain development.

References
1. Green Finance Study Group [Elektronnyy resurs]. URL: g20-insights.org/policy_briefs/fostering-sustainable-global-growth-green-finance-role-g20/(data obrashcheniya: 12.08.2021).
2. Sustainable development [Elektronnyy resurs]. URL: iisd.org/about-iisd/sustainable-development (data obrashcheniya: 12.08.2021).
3. Ustoichivoe razvitie [Elektronnyy resurs]. URL: ru.wikipedia.org/wiki/Устойчивое_развитие (data obrashcheniya: 12.08.2021).
4. Zelyonie finansy v ustoichivom razvitii [Elektronnyy resurs]. URL: green-bri.org/green-finance/(data obrashcheniya: 12.08.2021).
5. Razvitie rynka zelyonogo finansirovaniya [Elektronnyy resurs]. URL: researchgate.net/publication/340555425_Application_of_Green_Finance_Tools_in_the_System_of_Sustainable_Interaction_Between_the_Real_and_Financial_Economy_Opportunities_and_Prospects (data
obrashcheniya: 12.08.2021).
6. Zelyonye obligatsii [Elektronnyy resurs]. URL: climatebonds.net/market/explaining-green-bonds (data obrashcheniya: 12.08.2021).
7. Instrumenty ustoichivogo razvitiya [Elektronnyy resurs]. URL: about.bnef.com/blog/sustainable-debt-market-sees-record-activity-2018/(data obrashcheniya: 12.08.2021); bloomberg.com/news/articles/2021–01–14/the-sustainable-debt-market-is-all-grown-up (data obrashcheniya: 12.08.2021).
8. Printsypy zelyonyh obligatsiy [Elektronnyy resurs]. URL: icmagroup.org/assets/documents/Regulatory/Green-Bonds/Green-Bonds-Principles-June-2018–270520.pdf  (data obrashcheniya: 12.08.2021); icmagroup.org/assets/documents/Regulatory/Green-Bonds/Translations/2018/Russian-GBP2020–06–280920.pdf (data obrashcheniya: 12.08.2021).
9. Cbonds: zelyonye obligatsii [Elektronnyy resurs]. URL: cbonds.ru/glossary/green-bond/(data obrashcheniya: 12.08.2021).
10. Emissiya zelyonyh obligatsiy [Elektronnyy resurs]. URL: climatebonds.net/market/data/#currency-charts (data obrashcheniya: 12.08.2021).
11. Sektor ustoichivogo razvitiya Moskovskoi birzhy [Elektronnyy resurs]. URL: moex.com/s3019, bondguide.moex.com/articles/bond-preparation-process/42 (data obrashcheniya: 12.08.2021)
12. Peterburgskiy mezhdunarodnyy ekonomicheskiy forum 2021 [Elektronnyy resurs]. URL: forumspb.com/programme/business-programme/(data obrashcheniya: 12.08.2021).
13. Zelyonaya povestka v Rossii [Elektronnyy resurs]. URL: economy.gov.ru/material/news/ilya_torosov_na_rossiyskom_rynke_zelenogo_finansirovaniya_poyavlyayutsya_i_nishevye_investory.html (data obrashcheniya: 12.08.2021).