CREDIT AND FINANCIAL BARRIERS AND THE MODERN TRANSFORMATION OF THE RUSSIAN AGRICULTURAL SECTOR

Issue № 1, 2026, article № 6, pages 51-62

Section: Investment and innovation in agriculture

Language: Russian

Original language title: КРЕДИТНО-ФИНАНСОВЫЕ БАРЬЕРЫ И СОВРЕМЕННАЯ ТРАНСФОРМАЦИЯ АГРАРНОГО СЕКТОРА РОССИИ

Keywords: IMPORT SUBSTITUTION, SANCTIONS, CREDIT, AGRICULTURAL SECTOR, PROTECTIONISM, INTER-BUDGETARY EFFECT, AGRICULTURE, BUDGET EXPENDITURES, PUBLIC RESOURCES, COMPETITION

Abstract: At the current stage of economic science development, interest in issues related to lending to the Russian agricultural sector has significantly increased. The agricultural industry operates under conditions of sanctions pressure and import substitution policy, which requires a comprehensive scientific approach and analysis. The development of the industry is influenced by many patterns, one of which is the significant dependence of production and innovation renewal on the efficiency of lending systems. The purpose of this article is to provide a comprehensive analysis of the specifics of lending to the Russian agricultural sector in the context of import substitution policy. The reliability and validity of the presented data is achieved due to its methodically wide coverage: this includes analysis of scientific literature, statistics, official documents of the Ministry of Agriculture of the Russian Federation, expert assessments, as well as content analysis of specialized Internet sites. Russia's accession to the World Trade Organization has imposed characteristic restrictions on national instruments of financial support for agricultural sectors. The application of a number of counter-sanctions measures to unfriendly states has also imposed severe restrictions on the supply of imported agricultural products. All this leads to an increasing role of economic protectionism and the need for broad import substitution mechanisms, which, in turn, requires sustained financial support for the agro-industrial sector. However, as the researchers note, the existing support remains at a low level. An analysis of the reasons for the lack of effectiveness of support areas shows that the transfer of authority to stimulate enterprises to the regional level becomes a source of regional imbalances, forming low inter-budgetary effectiveness. The paper identifies the causes and mechanisms of such imbalances. It is concluded that the well-established system of subsidizing interest rates on loans in the regions often negatively affects the economic dynamics of agriculture, and the main prerequisite for this is opaque budget expenditures, the specifics of the transfer of subsidies and the regionalization of support, all of which leads to inefficient ownership of public resources and often violates the principles of fair competition. As a result, mainly large structures gain an advantage. Methodology: the reliability of the conclusions and the correctness of the entire study are based on a comparison of data from scientific literature, government statistics, and documents from the Ministry of Agriculture of the Russian Federation, expert reviews and materials from professional Internet resources. The main patterns of development of the Russian agricultural sector include: seasonal fluctuations in supply and demand, dependence on the ruble and dollar exchange rates, the impact on the dynamics of the import component, the regional specifics of support, as well as the relationship between the scale of lending and financial results. Of particular importance is the level of concessional loans available and the profitability of companies. Lending continues to be a crucial source of replenishment of working capital to ensure the smooth operation of agricultural producers.

Authors: Laamarti Julia Alexandrovna, Dorofeev Andrey Fedorovich