Russian industrial policy as an instrument of progressive structural changes has been attracting the attention of politicians and experts for three decades. In the last decade, the attitude of developed countries toward industrial policy in the context of increased global competition, countries’ repositioninig in world trade and transformation of global value chains has become more pragmatic and positive. Simultaneously, the approaches to industrial policy in the world have changed significantly due to shifts in the organization of global production. This defines a new demand for Russian industrial policy, especially in the context of tightening financial and time constraints. We identify key structural constraints of the Russian economy that must be taken into account to define industrial policy, including: fragmented participation of Russia in global trade, low commodity diversity of exports, geographic concentration of export and import flows, underdeveloped backward linkages, weak role of small and medium sized enterprises in value chains. We support the importance of maintaining integration of the Russian economy in the world economic system to ensure its competitiveness and discuss possible trajectories of re-positioning in global economic relations. Under new conditions several principles of implementation of Russian industrial policy are singled out, including flexibility, variability of solutions and encouragement of grass-roots initiative, specialization that takes into account specific features of production organization of various sectors of the Russian economy, building a system of decision-making aimed at the future and overcoming inefficient local equilibria in the economy.

The paper considers selected issues of prudential banking capital adequacy regulation. Current regulatory concept (Basel III) is based on the parallel usage of risk-sensitive and risk-insensitive approaches with the decisive role of the former. The paper provides a comparative analysis of their strengths and weaknesses in the context of capital regulation targets. The conclusion is that there is no notable advantage of either of the two approaches: the risk-sensitive approach as much as the risk-insensitive one is not able to ensure theoretically and/or empirically well-founded measuring of total regulatory capital needs. The risk-sensitive approach evolution leads to increased complexity and resource requirements for banks and regulators. The view is grounded that the advanced risk-sensitive approach (IRB) creates unfair regulatory advantages for IRB-banks and impair competition in banking industry. The practicability of the risk-sensitive approach application for capital adequacy regulation is put under doubt.

Stablecoins as a new form of digital money, in contrast to the traditional forms of money prevailing today, maintain their stability by being tied to basic reserves (national currencies, goods or digital assets). Basically, they circulate in developed countries (primarily in the USA, EU countries or financial centers of Asia) in order to carry out exchange transactions with digital currencies or increase trade turnover and lending volumes. Over the time, they can become not only a reliable and inclusive means of payment, which will be actively used in transactions both nationally and internationally, but also widely used as a store of value. However, the integration of stablecoins with a modern monetary and payment system can only happen if there is a proper and coordinated regulation of all monetary authorities. Based on the analysis of the economic nature, the current standards and models for regulating the emission and circulation of stablecoins, as well as the existing international practice of managing their risks, it has been concluded that it is necessary to abandon the prohibitive approach to the use of this form of digital money. Instead of banning the use of stablecoins as a means of payment and savings, the Bank of Russia should justify and propose acceptable models for regulating the issue and circulation of stablecoins. Such models should provide for clear back-up mechanisms for the issue of stablecoins and requirements for their issuers to minimize the risks of both holders and issuers of stablecoins.

In recent decades, Islamic finance has expanded its presence to many countries, including the post-Soviet space. The results of our research based on focus groups (in-depth discussions) with the population and business representatives have shown the public attitude to interest and usury, societal views on the place of Islamic banks and Islamic finance in the economy. In addition, the advantages and disadvantages of Islamic financial projects implemented in the CIS countries have been revealed. The paper identifies forms of self-organization following the principles of Islamic finance in the conditions of their low accessibility for business and the population. Focus groups have allowed us to identify a serious demand for education and expansion of knowledge in this area. A wide palette of opinions and public perceptions of Islamic finance from positive and negative sides is shown.

The article critically examines the possibilities of using steadily developing artificial intelligence systems in the public sector of foreign countries and Russia. It is noted that despite the prospects of obtaining significant gains, there are a number of technical, economic and socio-ethical limitations associated with the introduction of artificial intelligence, taking into account its features as a general purpose technology. The increasing value of professional judgment, which allows using the results of artificial intelligence, is emphasized. Based on the principles of working with artificial intelligence developed in world practice, as well as the peculiarities of the domestic institutional structure and trust in it by the citizens, a conclusion is made about the need for a cautious approach to the use of artificial intelligence technologies in applications of the Russian public sector. Such practices can not only cause considerable harm to specific individuals in the process of current functioning of domestic institutions, but also hinder their transformation.

The article proposes an extended approach to the concept of public goods, when energy security is seen as a variety of them in conjunction with the state of the environment, and in the EU with the desire to reduce dependence on the key supplier of fossil fuels — Russia. In this context, energy security as a public good is linked with the development of clean energy, primarily with the transition to energy production from renewable sources. The role of state policy, state-owned enterprises as traditional strategic actors in the energy sector, as well as public—private partnerships at various levels — from local to global, is emphasized. Particular attention is paid to the interstate cross-border cooperation. In the context of the energy transition to renewable energy, the relevance of energy security is increasing, taking into account the costs of renewable energy sources and fossil fuels, in particular, natural gas. The conclusion is made about the importance of the contribution of states in supporting technological and socio-economic changes and international coordination in the field of energy security.

The article examines the trends of China’s high-tech exports in 2000—2020, and identifies the main channels of technology acquisition by the Chinese economy. The main factors affecting China’s high-tech exports are high-tech imports, foreign direct investment in China, the country’s gross domestic expenditure on R&D, and the exchange rate. Meanwhile, technology imports, incoming foreign direct investment and China’s gross domestic expenditures on R&D are the channels of technology acquisition for the Chinese economy. Statistically significant correlation coefficients with the growth rate of the share of high-tech goods in PRC exports were obtained for the following indicators: the growth rate of the share of gross domestic expenditures on R&D in GDP, the growth rate of the share of high-tech goods in imports and the growth rate of the share of foreign direct investment in GDP. The important role of gross domestic expenditures on R&D in the development of China’s innovations should be recognized. R&D is actively applied in China in situations where it is difficult or impossible to access the necessary knowledge as part of participation in international technology exchange.

The article discusses the main provisions of the book “The response of Russian business to the COVID-19 pandemic (Six industry cases)” and, in this regard, the difficulties and prospects for the development of Russian companies and industries, as well as the national economy in general, under complex sanctions. The short post-crisis development of the six industries presented in the monograph and possible forks for companies and structural policy in the acute phase of the current crisis are analyzed. In addition, it is proposed to consider industries that have not fallen into the focus of the authors’ attention, but are significant for indicating medium-term trends in the development of the Russian economy, such as the production of hydrocarbons, food products, ferrous and non-ferrous metals. On the basis of the results obtained in the book, current development trends at the global and national levels are highlighted. The article notes the need for an integrated approach to the elaboration of state policy and concludes on the possibility and directions for using the lessons of the crisis caused by the coronavirus pandemic, both by the state and business, to transform the principles of management in the new reality.