The article attempts to formulate the main characteristics of the concept of sustainable finance and determine its place among other concepts. Its certain autonomy from the concept of sustainable development is emphasized. Indicators are presented that demonstrate the outstripping growth of sustainable finance in the modern world, and assumptions about the reasons for this trend. The problem of the adequacy of rating assessments of corporate adherence to ESG principles is briefly touched upon, which turned out to be the weak point of the concept of sustainable finance. The current state of the concept of sustainable finance in Russia is assessed, the main obstacles to its implementation and feasibility are determined. Proposals are formulated for public policy measures that can stimulate the formation of domestic responsible investors in Russia, as well as other measures that will contribute to the implementation of the concept of sustainable finance.

The article examines the financial structure of Russia. A retrospective analysis of the concept of financial development in the world economic science was conducted. To calculate the quantitative characteristics of Russia’s financial structure, both the indicators from international practice and the original ones supplementing them were used. The analysis of the influence of the financial structure on economic growth was conducted, on the basis of which the conclusion was made about the need to implement state policy aimed at achieving an outstripping growth of the non-banking financial sector. The reasons for this conclusion are given in the discussion of the results.

Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.

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The article presents the results of the study that assesses the place of Russia in the global financial market. The current ratings of the global competitiveness of national financial markets and financial centers are based on objective and subjective assessment of the competitive factors. Our approach is based on objective indicators, characterizing the results of the competition, including the proportion of countries in the global financial market, P/E, and others. The article presents the results of calculations of Russia’s place in the global financial market, based on which the conclusions about the causes of the loss of positions, weak links of the Russian financial market, competitors success factors are made.