Debt Policy for the Sustainable Development of Russian Regions and Megacities

Relevance. In recent years, the role of ESG (Environmental, Social and Governance) bonds has been rapidly growing in the world. ESGs are used to raise funds for programs for sustainable development of territories.Research objective. The paper studies the cases of Russian regions using green bonds and considers the prospects of this tool in the Russian context.Data and Methods. The analysis focuses on the debt indicators of Russian regions and related budgetary indicators based on open source data from the Ministry of Finance, the Treasury, and independent rating agencies. The methods of comparative and retrospective analysis are used to identify the state and features of regional debt policy.Results. Our analysis of the debt policy of Russian regions and megacities shows a low level of their activity in the stock market as issuers of bonds. This can be explained by the complexity of the system of subnational finances and the role of the Federation in preventing default situations, and therefore the priority use of budget loans. The city of Moscow was a pioneer in this matter in Russia. This determines the uniqueness of Moscow's experience in implementing debt policy.Conclusions. The expansion of the green bond practice will allow Russia to move forward in achieving the goals of ESG agenda, which, despite the large-scale sanctions imposed on Russia at the moment, still remains relevant

Tools of Interregional Cooperation in the Public Administration System

Introduction. The development of modern Russia is characterized by a high degree of differentiation in the level of socio-economic development of the constituent entities of the Russian Federation. Interregional cooperation is one of the tools to overcome this differentiation. Although new forms of such cooperation have been emerging, its potential remains underestimated. The purpose of the study is to analyze the existing and prospective forms of cooperation between the regions of Russia. Materials and Methods. The study based on a structural and substantive analysis of regulatory legal acts of the federal and regional levels, as well as on strategic planning documents, various forms of budget reporting, bilateral and multilateral agreements between the constituent entities of the Russian Federation aimed at identifying various areas, tools and mechanisms for ensuring interregional cooperation. Results. The authors have considered the tools of interregional cooperation that involve direct financial participation of regional authorities or economic entities. The role and prospects of horizontal subsidies and budget loans provided by one region to another have been identified, their legal and regulatory justification has been given; a financial assessment has been made, and the identified practices have been analyzed. In terms of the implementation of public procurement from suppliers based in other regions, the authors have estimated the degree of how closed or open the constituent entities of the Russian Federation are. Discussion and Conclusion. The authors have confirmed the idea that interregional cooperation in Russia is still underdeveloped and lacks legislative and scientific-methodological justification. The authors also assess the prospects for further development of interregional cooperation in Russia and suggest a number of measures to promote it. The results of the study can be used in the interests of the authorities to improve the system of regulation of various mechanisms of regional cooperation, as well as to develop the scientific potential in this area