The article examines the issues of risk-oriented supervision in the activities of the Federal Tax Service, which is an integral part of the state financial monitoring of Russia. Modern practice shows that the increased pressure of tax services on taxpayers causes the growth of the «shadow sector» in the economy, at the expense of small and medium-sized enterprises experiencing uncertainty before the supervisory authorities. The strategy of increasing the number of office and field audits has little effect in motivating tax payments. Taxes are an integral institutional element of a market economy, which is both an economic and a legal category. The economic content of taxes consists in the redistribution of the gross national product and reflects the relationship to mobilize part of the income that is formed in the private sector at the disposal of the state. As a result, tax evasion, which is one of the predicate crimes, by organizations causes the growth of the shadow economy and contributes to the processes of money laundering. In this regard, the tasks of justifying the need to modernize the risk management system when implementing tax control in Russia and analyzing the introduction of a modern risk-based approach to tax supervision in order to stabilize the country’s financial system are very relevant. The purpose of the article is to formulate conclusions on the effectiveness of the application of the risk-based approach in the supervisory activities of the Federal Tax Service.

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Subject. We consider interrelations between Russian companies’ orientation towards sustainable development in the environmental, social, and economic sphere with the dynamics of Russian stock market indices. Objectives. The aim is to unveil the correlation between the focus of Russian companies on sustainable development in the environmental, social, and economic realm trends in the Russian stock market indices. Methods. The study employs methods of logical, comparative, and statistical analysis, in particular, the correlation analysis of indicators, like the MRSV index, MOEX index, integrated ESG ranking of Russian companies (our own development), gross domestic product, investment in fixed assets and trade balance, international reserves of the Bank of Russia, money supply and interest rate of the Bank of Russia. Results. We confirmed two formulated hypotheses, i.e. (1) Domestic economic factors influencing the dynamics of the Russian stock market have a similar effect on the general market index and the sustainable development index; and (2) Issuing companies’ orientation to sustainable development in environmental, social, and, economic realms has a direct correlation with trends in the stock index for sustainable development). Conclusions. Monitoring the dynamics of the Russian stock market index of sustainable development, which could provide a basis for investors to make environmentally oriented decisions, is inappropriate, because the index dynamics does not reflect the company's ESG achievements and is highly dependent on the same internal economic factors as the general market index.

Subject. This article explores the structure of economic factors at the national level, the Russian stock market's development depends on, and its changes in different economic periods. Objectives. The article aims to identify structural changes in the system of internal factors that determine the conditions of the Russian stock market's development under the influence of macroeconomic shocks of 2008 and 2014. Methods. For the study, I used a correlation analysis, and the event study and descriptive approaches. The study time-frame from 2002 to 2019 is divided into four periods. Results. The article determines that the structure of internal economic factors influencing the Russian stock market gets transformed under the impact of macroeconomic shocks. Conclusions and Relevance. At present, the relationship between the Russian stock market and domestic economic factors is not strictly determined. The modern stock market performs its functions in the development of the real sector of the economy to a moderate degree. The practical significance of the study lies in the possibility of using its results to develop measures to regulate the stock market depending on economic conditions and instruments of impact, as the structure of economic factors in the development of the stock market changes during periods of growth and crisis.

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