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The Russian financial sector: opportunities in an unstable environment and sanctions

In: Handbook of Banking and Finance in Emerging Markets

Author

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  • Vasily Tkachev
  • Vadim Grishchenko
  • Karl Summanen

Abstract

The chapter discusses long-term trends in financial market development in Russia. The modern history of the Russian financial market is analyzed within four periods, from the difficult development of the market in 1990s through rapid growth of 2000s, creation of the megaregulator in 2010s and then to the specifics of life under sanctions. We show that while modern legal framework is now in place, several crucial issues remain unresolved. To meet these challenges, the Bank of Russia actively implements a set of reforms in four key areas: promoting competition in the financial market, creating the environment of trust, maintaining financial stability, and ensuring access to financial services and capital. We claim that nowadays Russian financial market faces a fork in the road for the two possible future paths - one being a random walk of accommodation of sudden shocks while the other is a steady way to structural reforms and progress.

Suggested Citation

  • Vasily Tkachev & Vadim Grishchenko & Karl Summanen, 2022. "The Russian financial sector: opportunities in an unstable environment and sanctions," Chapters, in: Duc K. Nguyen (ed.), Handbook of Banking and Finance in Emerging Markets, chapter 40, pages 763-792, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20452_40
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    Keywords

    Development Studies; Economics and Finance;

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