This paper is aimed at a systematic analysis of the international dialogue in the Arctic as a new political space as well as at identifying problematic issues in Russian transport policy formation. The authors suggest considering the prospects for the development of the Northern sea route from two sides: from the point of view of international law and with the use of traditional mechanisms of state barriers and control. The prospects of development of international cargo transportation and the Northern sea route hereinafter — NSR) competitiveness in the near future are ambiguous. Of particular importance are the blocks of the problematic field of NSR development formed by the authors, which mainly concern infrastructure and its provision, as well as the introduction of the Northern sea route into the international shipping market with its tough competition, while NSR does not currently have the necessary quality and quantity of the necessary infrastructure. At the moment, the NSR infrastructure is underdeveloped as a region in the Russian Federation and requires a carefully designed development program, highly qualified employees and supervision of program provisions implementation that will ensure the exact implementation of all development stages. The systematic development of the Northern sea route in the long term will contribute to strengthening the position of Russia in the international arena, its economic growth, import and export of goods and services, as well as its international cooperation with other Arctic countries. The authors believe that the solution of problems with the logistics component is the primary task of the Arctic region development and ensuring the competitiveness of the Russian fleet.

This article reveals the features of the influence of innovation processes on the transformation of financial services, contains the principles of financial innovations, presents a classification of financial services in terms of provided services segments. There are highlighted problems in the functioning of banks in the modern banking ecosystem and presented the possibilities for transforming the patterns of their activities. The possible risks associated with the innovation activities of banks are detailed analyzed, and the general aspects of their regulation are presented. Keywords-innovation; banking services and products; innovative banking products; fintech; financial technologies I. The total global investment in financial technology in 2018 amounted to about 111.8 billion dollars, actually doubling compared with the previous year ("Fig. 1").

The quality of institutions occupies a central place in the set of non-economic factors influencing macroeconomic dynamics and the development of financial markets. This quality is largely shaped by objective factors that accompany the historical process. Therefore, this study focuses on the driving forces of this process and how they affect the quality of institutions. It is shown that the main such force or source of institutional change is culture, interpreted in a broad sense, which includes not only that accumulated at different stages of the historical process relevant heritage, but also behavioral attitudes and value beliefs prevailing in society that affect decision-making. The thesis about the importance of culture as a source of formation of the quality of national institutions and a factor of sustainable economic dynamics is substantiated through the example of specific historical events. Underestimation of this conditionality often prioritizes economic policy goals of financial development without due consideration and assessment of institutional constraints. This factor in macroeconomic decision-making is mainly characteristic of emerging market economies. At the same time, the results of research in recent decades indicate that the impact of financial development on macroeconomic dynamics is positive and strong in conditions of high-quality institutions. This allows the article to assess the role of finance and the quality of institutions differently in the set of state economic policy priorities. As applied to individual countries with obvious deficiencies in the institutional environment, this study, referring to historical experience and modern empirical material, puts forward and substantiates the thesis that ensures a high quality of institutions is the most important priority of transforming financial development into a factor of positive and sustainable economic growth.

Introduction. Inconsistency of the governmental regulatory impact on the socio-economic processes is one of the destructive factors in the increasing asymmetry of regional development. The decisions taken in the sphere of financial market regulation have provoked large-scale structural and quantitative changes in the banking system. The purpose of this study is to assess the impact of the occurred transformation on regional development and to analyze the possibilities of reducing gaps in the volume of banking services provided in Russia’s regions as well as in the level of their socio-economic development. Materials and Methods. The study was conducted on the basis of data from the Central Bank of the Russian Federation and the Federal State Statistics Service. The results of the banking system transformation and the possible impact of the changes on regional development were assessed using the methods of scientific knowledge. When working with the empirical material, the methods of comparison, measurement and evaluation were used. Results. The authors have identified gaps in the level of socio-economic development of Russia’s regions. For a long time, a number of regions have demonstrated limited opportunities for self-development and to fulfil their potential. The acuteness of this problem can be smoothed out by the tools of bank regulation (e.g. lending). After the decrease in the number of regional banks, the banking services market has seen steady signs of oligopoly with a marked decline in price competition. Negative effects of this decline have been increasing at the regional level. Discussion and Conclusion. Regional socio-economic dynamics demonstrate high sensitivity to the reduction in the number of regional banks operating independently as well as to the decline in price competition in the banking services market. It is important that the regional component be taken into account in regulatory practices, including that applicable to the banking sector. Preservation of the regional segment of this system will help to solve a lot of problems at the local level and thus make a significant contribution to overcoming the gaps in the socio-economic development of the regions. The results of this study will be useful to managers of the Central Bank of Russia, as well as to regional and local authorities.

The current article summarizes the main properties of stablecoins and explores their potential use in digital platforms to solve problems of supporting foreign trade and investment processes in countries subjected to restrictions on a wide range of its interactions with foreign countries, companies and international markets. Empirical results show that gold-backed stablecoins, being effective at hedging assets in certain situations, provide countries with the opportunity to distance themselves from traditional financial institutions and reserve currencies in the context of external operations. Digital trading and investment platforms created on its basis do not exclude the risks inherent to the instrument. Moreover, they are exacerbated by continuing and increasing sanctions pressure on the economy integrated with such platforms. However, at the same time, these assets remain one of the most effective ways to support foreign trade and investment processes in these countries. The thesis is proven using an informalized method based on expert evaluations regarding the possibility of digital platforms overcoming trade and investment sanctions, the effects of which on the Russian economy cannot yet be accurately predicted. The study proposes two scenarios for the development of these platforms, potentially expanding the boundaries of foreign trade and investment interaction of the country subjected to sanctions with international markets.