This article analyzes the fundamental contradiction inherent in the implementation of the Bank of Russia's monetary policy in 2024–2026, namely the conflict between the goal of achieving price stability and the need to maintain the economic security of the real sector. Based on data from the Bank of Russia, the Center for Macroeconomic Analysis and Short-Term Forecasting, rating agencies, and official statistics, the key transmission channels of the high key rate shock are examined. An analysis of current macroeconomic dynamics reveals a complex set of interconnected problems, including the growing debt burden of economic entities, the distortion of the corporate borrowing structure, a decline in investment activity, the spread of mass loan restructuring, and the tendency to delegate interest rate risks to borrowers through the use of floating rate instruments. It was found that the implementation of a tight monetary policy, which reduced the annual inflation rate to the target range of 5.7–5.8 % by the end of 2025, simultaneously triggered a slowdown in GDP growth to 1 %, an increase in the volume of problematic corporate loan restructurings, and an increase in total accounts receivable. The key risk factor is the high share of floating-rate loans in the corporate lending structure, which has reached 65 %. This effectively means a complete transfer of interest rate risk to enterprises in the real sector, reducing their financial stability and investment potential. Based on the data obtained, the need to revise the balance between monetary regulation instruments and expand the arsenal of measures to support economic security, including strengthening coordination between the Bank of Russia and the government in countering non-monetary factors of inflation.

The objective of this study is to justify the maximum level of AI agent involvement in banking operations, at which further reduction of the employee's role ceases to improve the economic evaluation of the agent's use. The methodological basis of the study includes mathematical modeling of the relationship between the degree of AI agent involvement, positive results, and the costs incurred when a repeatable error occurs. Results. It is shown that expanding the role of the AI agent reduces ongoing costs and accelerates the execution of standard banking operations, but simultaneously increases the cost of erroneous logic if it is reproduced in the flow of homogeneous operations until it is detected. It is substantiated that the benefit of delegating decisions to the agent increases with diminishing returns, while costs increase as one approaches full autonomy. Conclusions. Completely delegating operations to an AI agent should not be considered a bank's preferred option. The most economically feasible level of agent involvement is one at which the increased revenue still outweighs the increased costs associated with repeatable errors.

This article highlights the current issue of the modern banking sector, which is effective risk management in conditions of high uncertainty caused not only by economic factors, but also by changes in the legal environment and international relations. Special attention is paid to the tasks facing bank managers in developing and adapting risk management strategies. The paper provides an analysis of the concept of banking risk, its classification, and lists the main types of risks: credit, market, operational, and interest-rate risks. It also provides a comparative analysis of risk management practices in the banking sector of the Russian Federation and internationally, with a focus on improving risk management systems and adapting scoring models.

The article is devoted to the analysis of the development of the insurance market in Nigeria. The authors considered the most important indicators of the development of the Nigerian insurance market, assessed the concentration on it, and also investigated the issue of changing approaches to regulating the insurance market. Based on the analysis, the article identified the main risks of the development of the insurance industry in Nigeria, as well as identified key opportunities for the growth of the insurance market. It was noted that despite the presence of established problems, the market has great growth potential associated with the availability of opportunities for foreign investors to participate in the capital of insurance companies, changes in the field of market regulation, as well as due to the large population of the country, which creates a large potential base for sales of insurance products.

The article presents historical facts about the activities of the State Bank of the USSR in the period from 1924 to 1926, using the example of the Orenburg branch of the State Bank of the USSR during this period. The study identifies and analyzes the prototypes of the modern management structure of the bank, and compares historical information with the current realities of banking. The article highlights the historical significance of the facts and personnel activities of that time, which contain elements and mechanisms of modern management. The example of the Orenburg branch of the State Bank of the USSR reveals the management structure (centralization, the role of party bodies), and the decision-making mechanisms (how the directives of the center were combined with regional realities). Studying this period allows us to understand how ideological priorities affect financial institutions, and what lessons can be learned for the modern banking sector, where the government and business continue to interact in the face of global crises and turbulence. According to the authors, the article, based on archival documents from the Orenburg branch of the State Bank of the USSR (1924-1926), has significant historical and scientific value for both economic history and finance specialists and a broader audience. As is known, most studies are based on information from central archives, and regional branches of the State Bank (for example, the Orenburg branch) have been studied only partially. This article can fill in the gaps in the history of the Soviet banking system.

It is well known that military success is determined not only by victories on the battlefield. Any army, even the most heroic, is unable to operate effectively without sufficient funding. The Soviet people's great victory came at a high cost, with the loss of 27 million lives. However, every war has a price in the literal sense. Stalin's financiers meticulously calculated that the Great Patriotic War cost the Soviet economy 2 trillion 569 billion rubles. This amount is enormous even today, let alone in the 1940s economy of the USSR.

This article is devoted to the biography and professional path of Arseny Grigoryevich Zverev, who can be called the Commander-in-Chief of the financial front of the Great Patriotic War. The work of A. G. Zverev, who headed the country's financial department during some of the most difficult periods in its history, the Great Patriotic War and the post-war years of economic recovery, had a decisive impact on the stabilization and efficiency of the country's financial and economic system during these periods. The article provides a detailed analysis of A. G. Zverev's contribution to the optimization of the country's financial sector during the pre-war period and examines the complex challenges faced by the financial system during wartime. Special attention is given to the efforts made by the People's Commissariat of Finance of the USSR under the leadership of A. G. Zverev to successfully address these challenges, which contributed to the stability of the country's economy during this challenging period.

A. G. Zverev was one of the People's Commissars during the reign of I. V. Stalin, belonging to a group of highranking officials known as "Stalin's Soldiers." These individuals were characterized by their exceptional intellectual abilities, deep understanding of the world around them, and a high level of responsibility for the tasks assigned to them. With their exceptional talents and comprehensive knowledge in their respective fields, they successfully tackled national challenges, delivering impressive results.

The definition of the concept, essence, and structural components of state tax policy are the subject of active academic debate in Russian economic and legal scholarship. This article presents the results of an analysis of the evolution of theoretical views on this category, demonstrating a shift from a narrow fiscal understanding to its interpretation as a multifunctional tool of strategic public administration. A review of the specialized literature allowed us to systematize existing approaches by Russian scholars, grouping them into three main categories: instrumental, systemic, and managerial. The paper demonstrates that each of these approaches is one-sided, emphasizing only one aspect of the phenomenon – the instruments, structure, or process of management – which prevents the development of a holistic understanding of tax policy. The scientific novelty of this study lies in overcoming this fragmentation. Based on a critical analysis of existing interpretations and taking into account the modern realities of public administration, the author proposes a refined definition. Tax policy is defined as a dynamic, institutionally adaptive model of public finance management, representing a continuous process of strategic design, regulatory development, and practical implementation of measures to generate, distribute, and redistribute national income. A key element of innovation is the emphasis on the adaptability of policy to changing economic, social, and geopolitical conditions. The article also examines in detail the key elements, structural components, and operating mechanisms of this system, emphasizing its central role as a key lever for implementing national strategy within the public administration system.

This article examines the 2026 tax reform in the Russian Federation, enshrined in Federal Law No. 425-FZ of November 28, 2025, which introduced comprehensive amendments to Parts One and Two of the Tax Code of the Russian Federation. Key elements of the reform include an increase in the base value-added tax (VAT) rate from 20 to 22 %, a gradual reduction in the income thresholds for VAT exemption and the application of special tax regimes, a revision of the insurance premium system, and the transformation of certain tax breaks and investment incentives. Based on official estimates from the Russian Ministry of Finance and the Federal Tax Service (FTS), the expected fiscal effects of the reform are analyzed: an increase in budget system revenues by 2.3 trillion rubles in 2026 and increased budget sustainability in the medium term.

Particular attention is paid to the risks facing small and medium-sized enterprises (SMEs): an increase in the tax burden by 5–15 % depending on the industry and the applicable tax regime, rising administrative costs, and the impact on price dynamics and inflation expectations. Using comparative and scenario analysis, the impact of the VAT increase and changes to the application of the simplified tax system (STS) for individual entrepreneurs and organizations is assessed, and regional disparities associated with the uneven levels of digitalization in tax administration and economic development in the constituent entities of the Russian Federation are identified.

The paper demonstrates that the 2026 tax reform has a pronounced fiscal nature, strengthening the redistributive role of the state and focusing on the consolidation of budgetary resources in the context of geopolitical instability. At the same time, it identifies the need for more fine-tuning SME support mechanisms, improving the digital services of the Federal Tax Service, and developing compensatory measures to mitigate the negative effects of the reform on the business sector.

The problem of paying the actual value of the share to the former members of the LLC has not been solved in practice either from a legal or economic point of view. The authors propose a sequence of actions by an expert an economist to prove the presence or absence of signs of bankruptcy of an LLC in the event that the participant is paid the actual value of the share. The methodology includes an analysis of the financial performance of the company, an assessment of the structure of its assets and liabilities, forecasting the consequences of the payment of the actual value of the share for LLC.

This article examines the problem of improving the efficiency of corporate capital management in a turbulent economy. It substantiates the need to move from classical financial models to a comprehensive system integrating traditional quantitative metrics with behavioral indicators. The authors identify a key limitation of the traditional approach: its inability to account for cognitive biases (anchoring, overconfidence, loss aversion) and emotional factors that systematically influence investment, financial, and dividend decisions. The aim of the study is to develop the theoretical and methodological foundations and practical tools for such an integrated system. The paper presents systematic recommendations in key areas of financial management: investment process optimization, capital structure management, dividend policy, working capital, and risks. The key scientific result is the development of a multi-level system of key performance indicators (KPIs), incorporating financial, operational, and behavioral metrics, as well as formulas for calculating the integrated capital management performance indicator (ICMPI) for monitoring and assessing the quality of management processes. The results of this study will be of practical and theoretical interest to senior executives, financial managers, analysts, board members, and university professors.

The article reveals the analytical toolkit of three methodological approaches to the interpretation of developments in the field of personnel management: benchmarking, SWOT-interpretation, and value (economic) assessment; the essence of each approach is examined in detail, and the results of a comparative analysis of the advantages and disadvantages of each methodological approach are demonstrated.

Using the example of Zheldorucet JSC, the article tests the methods of interpretation in relation to the improvement of the personnel management system through the implementation of key performance indicators (KPIs) in the motivation subsystem. The results of the study allow us to conclude that the use of methods for interpreting personnel management practices can increase the validity of management decisions, reduce the risks of misappropriation of resources, and provide a measurable economic effect.

The article examines the synergistic potential of the joint development of participatory budgeting (PB) and small and medium-sized enterprises (SMEs) as factors of “soft power” in the Siberian Federal District (SFD), based on data from the annual monitoring by the Financial Research Institute (FNI) of the Russian Ministry of Finance, the Unified Register of SME Entities, and an analysis of regional practices for 2016–2025. It has been revealed that during the study period, a qualitative transformation of the typology of participatory projects occurred: from the dominance of infrastructure projects (roads, water supply, public space improvement) to an expanded structure that includes social (education, culture, youth spaces), environmental, and event-based initiatives. It is substantiated that regional banks act as an institutional support for SMEs — as lenders and operators of participatory projects — and that the Chinese market is becoming an additional driver of demand for products of small businesses in the agro-industrial sector. Based on a comparative analysis, three groups of SFD regions have been identified according to the degree of “soft power” development: “Entrepreneurial” regions (Novosibirsk Oblast, Omsk Oblast, Altai Krai); “Resource-based” regions (Krasnoyarsk Krai, Irkutsk Oblast, Kemerovo Oblast); “Challenged” regions (Republic of Tyva, Republic of Altai, Republic of Khakassia). It is shown that in the “entrepreneurial” regions, the share of local contractors in participatory projects reaches 75–85 %, whereas in the “resource-based” regions it does not exceed 40–50 %. The research findings can be used by public authorities to improve regional PB programmers and SME support measures.

The article explores the target orientation of state support mechanisms for the industry, taking into account the multi-level system of goal-setting (strategic, tactical, and operational levels). The transformation of industrial policy targets in the context of the technological revolution, digitalization, and geopolitical instability is analyzed. A differentiated system of support measures for enterprises of different scales is proposed. A system of performance indicators (KPI) is developed, which includes economic, technological, environmental, and social indicators. The results of the study can be used in the development of industrial policy and the improvement of state support mechanisms.

The article explores the relationship between the formation of human capital and the economic security of the region. The authors comprehensively analyze the current state of human capital in the Oryol region based on a range of indicators (demography, education, and the labor market). This analysis reveals the main threats to the economic security of the Oryol region, primarily related to the degradation of human capital caused by depopulation, migration outflows of the working-age population, and labor market imbalances. A comparative analysis of the Oryol Region with other regions of the Central Federal District revealed the region's vulnerabilities and competitive advantages in terms of human capital formation, which ensure its economic security. The study conducted by the authors allowed them to develop a set of measures aimed at strengthening the region's economic security. These recommendations, which include improving the region's educational infrastructure, developing and implementing programs aimed at retaining young people in the region, developing a continuous education system, and improving the quality of life for the population, will not only ensure sustainable security but also contribute to improving the living standards of the people of the Oryol Region.

The article examines the distortion of consumer opinion as a threat to the economic security of the country. The relevance of the topic is due to the spread of falsified reviews in the Russian segment of e-commerce, as well as the insufficient development of mechanisms to counteract this practice in the regulatory and technological spheres.

The purpose of the work is to identify determinants and systematize the consequences of consumer opinion distortion.

The scientific novelty of the research lies in the systematization of determinants of consumer opinion distortion in relation to the Russian e-commerce market with the identification of economic, technological, legal and psychological factors; clarification of the classification of consequences according to three levels of economic security (micro, meso, macro); generalization and comparison of regulatory and technological methods of countering review falsification, including analysis of the practices of Russian marketplaces, law enforcement agencies and foreign experience.

The paper identifies the determinants of falsified reviews emergence, systematizes the consequences of consumer opinion distortion according to three levels of economic security, and summarizes the directions of counteraction, including improving regulatory framework, implementing technological methods for detecting and blocking unreliable reviews, as well as measures to verify the authors of reviews.

In today's highly uncertain and globalized economy, traditional approaches to assessing the performance of commercial organizations based solely on financial indicators are losing their comprehensive value. Modern investors and society as a whole place expanded demands on businesses, expecting not only economic returns but also a responsible approach to operations and consideration of environmental and social impacts. In this context, corporate transparency is becoming a key factor in reducing information asymmetries and strengthening stakeholder trust. Non-financial reporting is one of the most effective tools for ensuring such openness. This type of reporting allows organizations to comprehensively disclose information on their economic, environmental, and social performance, going beyond standard financial documentation. Publication of nonfinancial reporting is a strategic management decision that directly impacts an organization's intangible assets. This article analyzes existing approaches to defining non-financial and integrated reporting, as well as their classification by subject matter and functional purpose. This article examines the methodological aspects of implementing non-financial reporting in Russia, including regulations and standards. The author highlights the key challenges faced by Russian organizations in generating and verifying non-financial data, including the fragmentation of standards, a shortage of qualified personnel, and an underdeveloped independent verification market. Finally, the author emphasizes the need for systematic legislative synchronization to create an institutional environment that ensures investor confidence.

In the context of the global transformation of the economic paradigm and increasing attention to climate change, issues of sustainable development and environmental responsibility of businesses are becoming key factors in long-term corporate strategy. This study assesses the completeness and reliability of environmental disclosure in the integrated reporting of leading Russian public companies. This paper provides an empirical analysis of environmental disclosure practices in non-financial reports of major corporations (PAO Gazpromneft, PAO Tatneft, PAO Transneft, PAO LUKOIL, PAO NOVATEK) and identifies key trends and challenges. Despite the existence of international and national standards, as well as the significant contribution of Russian scholars to the development of non-financial reporting theory, the practice of environmental disclosure is fraught with systemic deficiencies. These include the persistence of greenwashing risks, the lack of uniform approaches to data verification, aggregated data presentation without disaggregation by source or calculation methodology, and poor integration of environmental indicators with financial results. The study found that companies demonstrate a comprehensive approach, but the depth and emphasis of disclosure vary. The identified gaps between theory and practice necessitate further research aimed at standardizing approaches, implementing independent auditing, and developing methodologies that clearly demonstrate the link between environmental performance and financial performance and long-term value creation strategies.