Transmission of external risks to the Russian securities market: an empirical analysis

The relevance of studying the current state of the Russian financial market is due to significant changes caused by geopolitical factors and sanctions restrictions. The new conditions for financial market participants are driven by both exogenous challenges and threats, as well as the widespread adoption of digital services and technologies. The digital transformation of the financial environment and the high level of uncertainty caused by external circumstances create a need for innovative financial products and services, as well as shape a new innovative landscape.
The purpose of the study is to comprehensively examine the deep-seated structural transformations of the domestic financial market and develop new approaches to strategic investment in the new conditions.
The objectives of the study are to assess the dynamics of the debt and equity segments of the financial market, systematize the key trends of its development, and focus on external shocks.
Methodology. The research methodology is based on a comprehensive approach that combines methods of systematic and comparative analysis, statistical processing of empirical data on the subject of research, and data visualization.
The results of the study confirm the need to develop adaptive investment strategies for financial market participants aimed at increasing their resilience in the current conditions. It is substantiated that the architecture of the financial market is evolving towards a model dominated by state and quasi-state capital. The analysis confirms a decrease in the interest of domestic investors in strategic assets, a shorter planning horizon, and an increase in the speculative component.
Conclusions. The findings of the study indicate that the prospects for the development of the Russian financial market depend on its ability to adapt to the new reality, minimizing systemic threats and finding new growth opportunities in the context of structural transformation.

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