Financial component of the economic security of the Arctic regions

• Main Authors: Ulchenko Mikhail, Ponomarev Nikita
• Format: Article
• Language: English
• Published: EDP Sciences 2020-01-01
• Series: SHS Web of Conferences
• Online Access: https://www.shs-conferences.org/articles/shsconf/pdf/2020/12/shsconf_circumpolarstudies2020_03007.pdf

The article is devoted to the study of issues of ensuring the economic security of the Arctic regions of the Russian Federation. It is proved that the most important element of the system of ensuring the economic security of the state and regions is the financial component. At the same time, the financial security of the economy depends not only on the amount of available financial resources, but also on the intensity of financial flows. The concept of “regional finance system” has been clarified. It is concluded that in the current unfavorable macroeconomic conditions, the cost of making management decisions aimed at creating the necessary amount of financial resources sufficient to ensure the economic security of regions and the implementation of national projects is significantly increased. It is revealed that the main instrument of financial regulation of the development of the Arctic regions is the so-called system of inter-budget transfers. At the same time, the current legislation does not distinguish the regions of the Arctic zone of the Russian Federation into a separate category, all regions can apply for subsidies from the federal budget on an equal basis.