While imposition of sanctions can still be done collectively as part of the United Nations, nowadays more and more countries impose autonomous sanctions to protect their national interests and influence the behavior of foreign actors. The effectiveness of these measures highly depends on the level of cooperation the principal sender manages to obtain from partner countries. We study how such international sanctions cooperation can be organized. The purpose of this article is to propose and describe a model of a regional sanctions organization. We start by considering reasons why countries impose sanctions and factors that promote sanctions cooperation. Then we proceed to detail the forms of international sanctions cooperation, including alignment, sanctions enabling act, special legislative acts on joining a sanctioning effort, targeted sanctions cooperation, sanctions regime cooperation and other forms of cooperation. Based on our calculations, the share of common sanctioned entities in national sanctions lists is twice as high for countries inside one region as opposed to all countries 19 % against 9 %. We thus make a claim that promoting regional cooperation is the most promising direction of developing international sanctions cooperation and so propose creation of a regional sanctions organization. We discuss possible functions of such organization, namely sanctions lists consolidation, data standardization, information sharing, joint sanctions imposition and promotion of other forms of sanctions cooperation. For each function we consider its possible realization by some of the existing international organizations, for example the United Nations, Financial Action Task Force or Asset Recovery Inter-Agency Network. We also overview the voting process for sanctions imposition in the United Nations and European Union, and name some of the obstacles to the creation of the proposed organization, including split responsibility between government agencies in sanctions imposition, differences in national sanctions laws and inconsistencies in criminalizing sanctions evasion between jurisdictions. We believe the proposed model would help promote targeted sanctions coordination. The results we obtained further theoretical understanding of sanctions cooperation and would be useful for senior government officials involved in the field of sanctions policy.

The article examines the theoretical and methodological principles and applied aspects of managing financial resources of an enterprise in the context of anti-crisis management in the context of increasing instability of the external environment, increasing financial risks, resource constraints, inflationary pressure, logistical disruptions and military challenges. It is substantiated that in modern conditions, financial resource management goes beyond the traditional distribution and use of funds and acquires the character of an integrated system of preventive, adaptive and stabilization solutions aimed at ensuring financial stability, solvency, liquidity and long-term viability of the enterprise. Scientific approaches to interpreting the essence of financial resources are summarized and the need for their consideration as a strategic basis for anti-crisis response is proven. The basic principles of financial resource management in the anti-crisis management system are identified, including prevention, adaptability, complexity, flexibility, balance of funding sources, priority of liquidity, continuity of financial monitoring and information validity of management decisions. The key stages of anti-crisis financial resource management are determined, which include identification of crisis factors, financial diagnostics, assessment of resource sufficiency, selection of anti-crisis strategy, implementation of stabilization measures and performance control. The feasibility of combining traditional methods of financial analysis with tools of scenario planning, stress testing, cash flow forecasting, digital monitoring and early risk warning models is proven. It is substantiated that the effectiveness of anti-crisis management is determined not only by the volume of financial resources, but also by the quality of their structure, the level of diversification of funding sources, the ability of the enterprise to mobilize reserves and quickly redistribute funds in accordance with environmental changes. A conceptual model of financial resource management of an enterprise in the context of anti-crisis management is proposed, which includes diagnostic, strategic, instrumental and control blocks. The practical significance of the results lies in the possibility of their use for improving the financial policy of enterprises, forming anti-crisis strategies, increasing the validity of management decisions and strengthening the financial resilience of business entities.

Aim . This work aimed to analyze data on migration processes in modern Russia, their manifestations, and their impact on the country’s economic and national security, as well as to identify associated risks and threats and consider existing opportunities for various forms of migration. Objectives . The work seeks to study Russia’s migration policy within the context of global migration trends, as well as to investigate the impact of internal and external migration processes on Russia’s economic and national security, their causes, and types. Methods . The study is based on comparative, systemic-structural, cause-and-effect, factor, functional, and statistical analysis. Expert assessment and observation methods were also used. Results. The Russia’s migration policy is primarily aimed to ensure a balance between the economy’s need for labor resources, the protection of national security, and social stability. The migration strategy serves as a tool designed to fulfill the purposes of Russia’s migration policy and achieve its objectives in the long term. Internal migration in Russia is largely represented by a young, active, and productive segment of the population, driven primarily by economic, geopolitical, and climatic factors. External migration to Russia is caused primarily by economic factors, particularly a steady increase in labor migration. Meanwhile, intellectual migration is experiencing an outflow of people from the country. As a result, migration legislation is being reformed to encourage scientists to return to the country, however no significant effect has been noted to date. Conclusions . Nowadays migration takes various forms and has varying intensities. Internal migration continues to develop as migration from small towns to cities, while external migration fluctuates depending on the political situation and other factors. This determines the origin and intensity of migration processes. Internal and external migration can not only be a source of threats to Russia’s economic and national security but also create opportunities to address demographic, economic, and social problems through properly implemented migration policies. As long as the Russian economy remains inconsistent in its priorities for scientific and technological development and the implementation of support tools at various levels, the outflow of promising population and the influx of unskilled and illegal migrants will remain a huge risk to Russia’s economic and national security. Russia’s migration policy requires fundamental changes and refinements to avoid irreversible consequences due to lost time.

Aim. This work aimed to identify the key stages and factors in the transition of football clubs from social associations to commercial organizations. Objectives. The study seeks to analyze the historical and legal prerequisites for the transformation of football clubs; to systematize organizational and legal reforms; to identify the drivers of commercialization; and to assess the impact of digital transformation and globalization on the current functioning of the industry. Methods. The study is based on a historical-analytical approach with elements of comparative and institutional analysis. The analysis of scientific articles, systematization of data on the development of football in various countries, as well as tables summarizing regulatory changes and industry characteristics were used. Results. The transformation of football clubs was multifactorial and gradual. Initial social stratification, followed by the active inclusion of the working class, created extensive demand. The legalization of players’ professional status, accompanied by waves of corporatization in various countries (England, Italy, Spain), provided the legal basis for the industry commercialization. Key external factors include deregulation of the media market, the creation of the English Premier League, the Bosman case, and the global sponsorship strategies of the International Federation of Football Associations (FIFA). In the modern era, digitalization has become a new tool for increasing revenue, fostering fan engagement, but has also increased the clubs’ dependence on technology platforms. Conclusions. The successful transformation of football clubs into commercial organizations required a synergy between social demand, an adaptive legal framework, and global commercial impulses. It is concluded that an economic model for football clubs is emerging, in which revenue growth is accompanied by increased financial risks and debt burden.

Aim . The work aimed to examine the key stages in the evolution of approaches to studying the impact of universities and regions on each other’s development. Objectives . The work seeks to identify and systematize the key stages in the evolution of approaches to studying the impact of universities and regions on each other’s development; to analyze critically the existing approaches; to identify current trends; to justify the need to improve the methods and tools for analyzing and assessing the degree of mutual development between universities and regions, including for the purpose of adapting and improving the effectiveness of the competitive strategies of modern universities. Methods . Using general methods of scientific knowledge, the factors and mechanisms of the influence of the university and the region on the development of each other are examined in various aspects. These factors are of particular research interest due to the implementation by institutions of the higher education sector of educational, scientific research, innovative and other functions that influence the socio-economic processes in the territory of presence and beyond. Results . A systems analysis of Russian and international studies identified and characterized key stages in the transformation of approaches to studying the mutual impact of universities and regions on each other’s development. Shortcomings of theoretical and analytical-evaluative approaches are identified, and existing trends are traced. The need to expand the theoretical and methodological framework for analyzing and assessing the mutual development of universities and regions is argued, including for the purpose of adapting development strategies and competitive behavior in the changing higher education market, taking into account the region’s priority areas of socio-economic development. Conclusions . The article substantiates the assertion that the relationship between universities and regions influences the adaptation of the latter’s development strategies, integrating competitive trends in the higher education market into the overall socio-economic development of the region in order to obtain additional benefits (resource availability, joint projects and programs, business involvement, commercialization and diffusion of innovations, etc.).

Aim. The work aimed to identify the specific features of cross-border business development in the field of generative artificial intelligence (AI) and develop recommendations for the formation of promising strategies for Russian companies and the Government of the Russian Federation (RF). Objectives. The work seeks to identify the characteristic features of cross-border business and conduct a foresight session on its development prospects in the field of generative AI; to assess the main development trends of international business in the field of generative AI; to determine the specific features of Russian business development in the field of generative AI; to propose conceptual directions for a strategy to support cross-border business in the field of generative AI in Russia. Methods. The research methods include socioeconomic foresight using the “Four Worlds” technique, an expert survey, a literature review, conceptual and statistical analysis, and data extrapolation. Results. The work presents a scientific definition of cross-border business in the field of generative AI and characterizes organizational models for businesses using generative AI, commonly used in the modern context. The reasons for the steady transnationalization of generative AI business are substantiated, and its characteristics are highlighted. Approaches to and challenges in assessing the economic prospects for the development of international generative AI business are examined in detail, and the results of a foresight session on cross-border business development in generative AI are presented. The work revealed the potential of cross-border generative AI business originating in Russia, and identified the barriers to its development and opportunities for overcoming them, which are traced in the intensification of strategic interaction between the state and business. Conclusions. The most probable scenario for the development of cross-border online business in the field of generative AI is a combination of technological integration and competition among major players. For Russian companies and the Russian government, the key challenge in this regard is overcoming external obstacles and creating conditions for integrating own technologies into global value chains.

The article considers the theoretical foundations and practical aspects of rationalising the capital structure in the corporate governance system, taking into account current challenges and trends in the development of financial markets. It is argued that effective capital structure management is an important factor in shaping the market value of an enterprise, strengthening its financial stability and ensuring strategic competitiveness. Based on an analysis of the scientific approaches of leading foreign and domestic researchers, the key principles and factors that influence the formation of the optimal ratio of own and borrowed sources of financing are summarised. The purpose of this article is to summarise theoretical approaches and practical developments in the field of capital structure management in the corporate governance system, taking into account the strategic development guidelines of the enterprise, the peculiarities of the economic situation and the requirements for ensuring the financial stability and market value of the company. It is emphasised that in domestic practice, financial decisions are often unsystematic, and the capital structure is formed without taking into account the strategic development goals of the company. This imbalance limits long-term growth opportunities, increases the risks of financial instability, and reduces the attractiveness of the business to investors. Particular attention is paid to the need to take into account the cost of financial resources, the level of debt burden, industry specifics, and risks that are exacerbated in conditions of economic turbulence. The article emphasizes the importance of applying integrated capital management models that combine financial, strategic, and risk-oriented approaches. Such models not only optimise the capital structure and minimise its weighted average cost, but also ensure the company's adaptability to changes in the macroeconomic environment, regulatory requirements, investor expectations and sustainable development principles. The results of the study emphasise that rationalising the capital structure is a multi-component process that requires consistency, strategic coordination and constant monitoring. The use of modern approaches to financial resource management contributes to increased corporate efficiency, strengthened financial security and long-term growth in enterprise value.

Aim. The work aimed to systematize and assess the existing trends and risks in the development of the modern Russian media market. Objectives. The work seeks to study the specifics of modern processes in the media industry, to identify trends and risks that affect the structure and transformation of the future Russian national media industry; to reveal the prospects for the strategic development of the Russian media market. Methods. The study employed general scientific principles of system, historical and comparative analysis, as well as methods of deduction and induction to identify the general and the particular in various processes of the Russian media market. In order to generalize and systematize the information obtained, the methods of analysis and integration were used to reveal the essence of the modern process of transformation of the Russian media industry. Results. Based on the analytical review results, it was revealed that the leading trends of the Russian media industry are multi-format content, personalization and uniqueness of produced and posted online content, rethinking of the value approach in modern Russian media and the concept of training professional personnel. The main risks and factors of global influence include the intensive introduction and use of artificial intelligence, the procedure for assessing the effectiveness of various media channels, the ongoing crisis of the Russian advertising media market. Conclusions. The work studied the theoretical and practical issues focused on the specifics of the media market and the media industry. Based on the analysis results, trends and risks in the Russian media market development were systematized. The main trends highlighted included the dynamism of the modern information agenda, as well as its high sensitivity to changes under the influence of technology and geopolitical factors. The leading current trend of 2025 is the examination of publicity and the analysis of technologies for creating and promoting a corporate and personal brand. The most significant risks identified were ongoing media inflation, growing threats from the external world environment regarding the protection of the interests of Russian media, the lack of dialogue with large international media holdings, the growth of fakes, and the intensification of the negative use of deepfake technology in the media space. The prospects for the development of the modern Russian media market include an increase in demand for digital media channels, personalization and uniqueness of produced and posted content in order to attract new consumers, increased implementation of technological innovations in the media industry, and global changes in consumer behavior.

Aim. The work aimed to identify the role of modern financial instruments in supporting innovation, as well as the financial market role in achieving technological leadership in Russia. Objectives. The work seeks to study the Russian financial market restrictions associated with external pressure in the form of sanctions against participants, as well as its infrastructure, and to identify traditional and new instruments of the Russian financial market that are used to develop innovation support mechanisms. Methods. Based on the authors’ research methods and empirical data collected through an online survey among financial sector specialists and real businesses, the banking and investment sectors of the financial market are demonstrated to be expanding their capabilities to support innovation through the use of new financial technologies by financial intermediaries. Results. The study systematizes the ways and instruments of financial intermediaries’ participation in supporting innovation. The authors identified the Moscow Exchange capabilities in attracting debt and equity financing by issuers at various stages of a company’s existence, from private equity capital to the circulation of shares on the organized market. The work demonstrates new opportunities for collective investors and platforms to attract capital effectively for the innovative development of companies. An empirical study on the development of digital technologies in the financial market was conducted to reveal the role of the technology factor in investment support for innovation. The use of financial technologies is proven to contribute to the expansion of the investment base of Russian investors for investment support for innovation. Conclusions. The goal set at the state level of expanding financing of innovation through private investment for Russia to achieve the technological leadership can be accomplished using traditional and new financial instruments with the participation of the Moscow Exchange, taking into account the innovative infrastructure of the financial market, as well as scaling up the efforts of financial intermediaries to provide convenient services to clients.

Aim. The work aimed to identify and justify the possibilities and limitations of applying the green economy main imperatives to ensure national priorities of Russia under the current geopolitical situation, taking into account the tasks of long-term development. Objectives. The work seeks to define the modern content of the concept of green economy and its place in theoretical approaches that take into account the environmental consequences of economic activity, as well as justify the prospects for applying the concept of green economy for the development and improvement of various fields of economic policy in modern conditions. Methods. The study employed general scientific methods to obtain scientific results, including analysis, synthesis, generalization, systematization, and comparative analysis. Results. The work determined the major directions of development of the green economy imperatives at the current stage. The concept of the closed-loop economy is substantiated as the core of its practical implementation. The work revealed hierarchical relationships of the concept of the green economy with other approaches, such as low-carbon economy, green growth economy, closed-loop economy, sharing economy, green financing, etc. The work identified seven fields of intersection of the green economy with other theoretical concepts promising for the development of directions and measures of state policy in order to ensure national priorities in modern Russia. Conclusions. The integrating potential of the green economy key provisions can serve as a basis for ensuring national priorities in terms of the quality and standard of living of the Russian population. The practice-oriented nature of the green economy in combination with the active development of technological and financial instruments create the prerequisites for the successful implementation of various fields of state economic policy, taking into account the environmental consequences of economic activity.