The article analyzes the provision of transfers (grants, subsidies, subventions and other types of financial assistance) from the federal budget to the subjects of the Russian Federation. On the basis of the analysis carried out, conclusions were drawn confirming the vector of centralization of financial resources at the level of the federal center, with the aim of their subsequent direction to equalize the budgetary provision of the regions of Russia. The authors made a generalization about the inefficiency of the existing model of interbudgetary regulation, built on a rigid management hierarchy, which hinders the growth of incentives for the regions’ interest in building their own economic potential.

The article discusses the role of investment cooperation between Russia and Armenia in the development of integration processes in the Eurasian space in the 21st century. The author highlights the key factors that determine the interest of the Republic of Armenia in expanding economic ties with the partner states of the Eurasian Economic Union, primarily with Russia. The article presents facts that testify to the steadily developing cooperation between Russia and Armenia in the field of energy, transport, new technologies, banking, including within the framework of large investment projects that have received support at the government level; shows the expansion of the trade, economic and financial ties between the two countries in a regional format, the interest of the business circles of Russia and Armenia in holding joint industrial exhibitions, forums, business missions. The author notes that the cooperation between Russia and Armenia, which has deep historical roots, is at the same time a relevant trend in the development of international relations in the Eurasian space, is formed in the trend of the projects of the Eurasian economic union and Greater Eurasia on the basis of the strengthening the financial communications, exchange of investment capital, introduction of high technologies. The article concludes that the investment cooperation between Russia and Armenia has a significant long-term significance as a factor of stability and further economic integration in the Eurasian space.