Russian Banking in the Global Economic System: Historical Experience of Integration (1991-2017)

Abstract

The article is devoted to the integration of Russian banks into the world financial market in 1990-2010. The goal of the study is to explore the impact of globalization processes on the infrastructure and technological development of Russian banking institutions and the nature of their activity in the international economic space. The work was prepared within the concept of multipolarity of the modern world coupled with the theory of modernization development of the global civilization in the XXth-XXIst centuries. The author concludes that in the 1990s the Russian banks that had no abroad experience were significantly influenced by international financial corporations, which sought to strengthen their positions in the Russian stock market and to maximize the use of Russian investment resources. The policy of strategic regulation, legal and technological modernization of the banking sector, which Russia began to implement on the cusp of the XXth-XXIst centuries, promoted the growth of the stability and competitiveness of Russian banks. At the same time, Russian financial institutions were integrated into the system of interbank cooperation between Eurasia and BRICS countries, while bilateral investment cooperation with China and India expanded. In the context of global financial markets' instability and the economic sanctions imposed by the U.S. and the European Union on Russian financial institutions in 2014-2015, major Russian banks continue to operate in the global economic space relying on international law, mutually beneficial partnership in the BRICS and SCO system, and the newest banking technologies.