Improving the economic performance of Russia's energy system based on the development of alternative energy sources

An upward trend in conventional energy consumption and the exhaustibility of its resources, volatility of the prices for hydrocarbons in the global energy market update the development of scientific approaches to justification of the commercial efficiency of alternative energy in the Russian Federation. Integrated economic performance and environmental safety coefficients for generating companies in Russia were calculated through taxonomic analysis. Trends in the expenditure level for energy production in the context of alternative and conventional energy resources were forecasted by means of neural modeling technologies. Using an integrated assessment method, global priorities for the use of energy resources in Russia that would enhance the national energy system operation efficiency were identified. A forecasting integrated model of the Russian energy system development was elaborated, taking into account the commercial efficiency of alternative energy. Measures to stimulate energy production based on the use of alternative energy sources were proposed. Practical implementation of the research findings would contribute to Russia's energy system restructuring and meeting the energy needs of the national economy to the fullest extent possible. Keywords: Alternative Energy Sources, Alternative Energy, Energy System, Economic Performance of Energy Production, Energy Resources, Conventional Energy JEL Classifications: L98; L16; O25 DOI: https://doi.org/10.32479/ijeep.702

Problems and Prospects of Development of the Oil Exchange Market in the Russian Federation

In the context of speculatively priced Russian oil on the world energy market, the oil exchange market development in the Russian Federation is updated. The purpose of the article was to rationalize conditions ensuring the crude oil market pricing by means of exchange trade development. The main objective of the scientific search was to justify state oil purchase as the main factor in improving the Russian oil exchange market liquidity at the present stage of its development. An optimal level of the ratio of public expenditures for oil exchange purchase to Russia's GDP was determined. The optimal amount of public expenditures for oil exchange purchase for the second quarter of 2018 amounted to 2,384.64 billion rubles. The optimal amount of public expenditures for oil exchange purchase is 89.9 million tons per quarter. State procurement of such oil volumes as of today could ensure an increase in the oil exchange market liquidity. The research results may lay the groundwork for enhancing the state strategy efficiency to improve the pricing of Russia's energy resources. Some practical focus areas substantiated in the article would contribute to the exchange market development at the present stage as a factor in the formation of an actual market price for Russian oil. Keywords: Oil Market, Oil Exchange Market, Participants in Oil Exchange Trade, Oligopolistic Oil Market, Russian Oil Industry JEL Classifications: G23; L52; O24 DOI: https://doi.org/10.32479/ijeep.737

Private Health Insurance in the Post-Pandemic Era: Spatial Econometric Market Development Analysis

The post-COVID era has posed unprecedented challenges to healthcare systems worldwide, urging a reevaluation of healthcare financing mechanisms. This study investigates the evolving landscape of private health insurance markets in the aftermath of the pandemic while considering the influence of international sanctions. Employing a spatial lag model (SLM), data from Albania, Russia, and Malaysia were analyzed to uncover the intricate interplay of factors shaping private health insurance coverage rates. The findings reveal nuanced patterns and disparities across these countries. The significance of variables varies: while private insurance share and government health expenditure consistently exhibit positive and substantial impacts on coverage rates, the unemployment rate presents differential effects. COVID-19 deaths influence coverage in Russia, emphasizing the pandemic's specific impact. Moreover, hospital beds’ significance in Malaysia underscores healthcare infrastructure's varying importance. Importantly, the spatial lag effect is consistently significant, emphasizing regional interdependence. Collectively, our study highlights the multifaceted determinants of private health insurance coverage, revealing insights crucial for policymakers navigating post-pandemic healthcare financing challenges among international sanctions. Doi: 10.28991/ESJ-2023-07-06-013 Full Text: PD

The impact of ESG factors on Russia’s banking sector

An important condition for the successful incorporation of ESG principles in banks’ activity is reflecting the data on the implementation of environmental, social and governance activities in the reporting for stakeholders. The paper aims to build the models of ESG factors’ impact on the banking industry. Methodologically, the study rests on the theories of ESG banking and green (responsible) finance and uses the methods of dialectical and economic statistical analysis. By means of correlation analysis the authors reveal causal relationships and establish the ESG factors affecting the banking sector of the Russian Federation. The obtained data point to the importance of green finance within the framework of the sustainable environmental and economic development of the banking industry. The study does not fully confirm the thesis that following the ESG principles will lead to an increase in the profitability and efficiency of the banking sector: only social factors directly influence the performance of the banking sector, while environmental factors have an inverse effect, and there is no relationship with the governance factors. The findings can be useful while incorporating ESG principles in the regulation of financial markets and in investment practices. This will enable the organisations in the banking sector to form an ESG-based strategy, control the factors affecting the financial sustainability of the baking industry, manage ESG risks based on an extensive dialogue with stakeholders, and win goodwill