Ferrous metallurgy traditionally makes a significant contribution to the GDP of the Russian Federation, accounting for a large share of industrial production and generating a significant amount of export revenue. However, the industry has faced significant challenges in recent years. Therefore, it is important to identify the factors that have led to these problems and the drivers that can ensure the sustainable development of this sector in the future. The purpose of this paper is to comprehensively examine the current state of the Russian ferrous metallurgy industry, identify and categorize relevant factors, and determine trends and pathways for development in light of current global market processes and the current geopolitical context. The research is based on the calculation and analysis of key indicators for the global and domestic ferrous metallurgy markets using economic analysis, econometric and statistical techniques. The study found that, since 2022, Russian steel and rolled product production has been declining, as well as stagnating in demand for metal products in the Russian domestic market. The imposition of sanctions has significantly changed the geographical structure of Russian ferrous metal exports, leading to a decline in metal product exports and simultaneously causing problems with logistics and margins in new markets. Due to the impact of a number of identified factors, the financial performance of leading Russian metallurgical companies has been steadily declining since 2022. The results of the study support the implementation of systemic, strategically-oriented measures to address the challenges facing the Russian metallurgy sector and outline the future prospects. Specific factors within the metallurgical industry that determine its current status and future development are of theoretical importance. The practical value of the results obtained lies in their potential use for monitoring the implementation of strategies for the development of priority sectors of the national economy, as well as implementing import substitution, and justifying investment projects that will contribute to the future economic growth of the ferrous metallurgy industry in Russia.

To fulfill its main function of protecting and ensuring the stability of the ruble, the Bank of Russia actively uses an inflation targeting policy, operating in conditions of permanent crises (macroeconomic, political, institutional, monetary). Such an approach makes it relevant to study the degree of influence of pro-inflationary factors on the actual inflation rate, as well as to analyze the experience of monetary policy as an alternative to regulating the key rate. The purpose of the study is to assess the effectiveness of using the key rate as an inflation targeting tool. The scientific novelty of the research consists in the identification and the analysis of factors influencing the formation of inflation targeting goals. During the study, the methods of generalization, grouping, statistical and comparative analysis were used. As a result of the study, the impact of pro-inflationary factors on the Russian economy as well as on the level of inflation targets in Russia and the world was assessed; the actual problems of inflation targeting using the key rate were formulated; the contradiction of social and monetary policy in the conditions of economic and political shocks was revealed; and alternative mechanisms of inflation regulation were proposed. Based on the results of the study, the conclusions were made that to effectively achieve the target inflation rate, it is necessary to increase the level of confidence in the Bank of Russia and the predictability of monetary policy on the basis of increased transparency of the Bank’s decisions on the key rate. It is shown that the open policy of inflation targeting, even at a high level of the key rate, may increase the adaptability of the economy to the short-term shocks, but at the same time, a coordinated macroeconomic policy implemented by the Bank of Russia jointly with the Government of the Russian Federation is also necessary. Based on the identified urgent problems of reducing inflation, measures to minimize them are proposed.

The object of the study of the article is the Annual Reports of Islamic financial institutions prepared taking into account the provisions of the AAOIFI standards (Accounting and Auditing Organization for Islamic Financial Institutions — an organization that develops standards on Sharia, management, ethics, accounting and reporting, as well as auditing according to the principles and rules of Sharia — Islamic law). The subject of the study is the analytical capabilities of the Annual Reports of Islamic financial institutions. The purpose of the study is to identify additional analytical capabilities of the Annual Reports of Islamic financial institutions generated taking into account the AAOIFI standards, in comparison with the traditionally compiled annual reports of such companies containing financial statements in accordance with IFRS. Using such methods as comparison, contrast, analysis and synthesis, as well as logical and systematic approaches, the authors studied the Annual Reports of a number of Islamic financial institutions and identified their main analytical capabilities, which are of crucial importance for investors. The scientific novelty of the study lies in identifying additional analytical capabilities of the Annual Reports of Islamic financial organizations formed according to AAOIFI standards (in comparison with the Annual Reports of Islamic companies that do not draw them up according to such standards) to provide information critical for analysis and decision-making by users focused on Islamic economic principles, and taking this experience into account in the future by Russian participants in partnership financing. In addition, the study proposes approaches to the model for assessing the compliance of the Annual Reports of Islamic financial organizations with the AAOIFI standards for Russian participants in partnership financing.

The decentralized finance (DeFi) ecosystem is a complex and ever-evolving system composed of various protocols. One of these protocols is lending, which has seen significant growth in recent times. However, the motivations behind investors’ interest in this area remain largely unknown. Lending protocols operate on predefined algorithms that automatically provide loans to users, allowing them to actively participate in DeFi lending platforms on public blockchain networks. The adaptation of these algorithms to a blockchain network within the framework of state legislation has not been explored in depth. This determines the importance of the study. The object of the study is to compare lending in a blockchain network with traditional forms; the subject is to identify the factors that influence decentralized lending and its relationship with traditional finance. The aim of this study is to develop a model architecture that can be used to create decentralized credit applications within a consortium blockchain network that uses a native currency, such as a central bank digital currency (CBDC). The main objectives of this study are:1) using data on transactions from the Aave lending protocol, one of the leading decentralized finance (DeFi) ecosystems in terms of market capitalization, to identify the motivations that drive participants to engage in DeFi lending activities; 2) based on research into the DeFi token ecosystem and its market, as well as analogues of traditional financial lending models, to develop a mathematical model and an architectural diagram for a decentralized lending system built on a consortium blockchain with a Central Bank Digital Currency (CBDC) as the native currency. The results of the study are presented in the form of a mathematical model and a diagram of the architecture for a decentralized lending system based on a consortium blockchain network using a consortium with a native cryptocurrency, known as CBDC.