PROSPECTS OF THE RUSSIAN BANKING SYSTEM IN THE CONDITIONS OF DEVELOPMENT OF THE EURASIAN INTEGRATION

Abstract

Purpose: is to study the impact of the EAEU integration on the Russian banking system and identify the benefits for its development due to integration processes. Results: the financial indicators of banking sectors of the EAEU countries are examined and their comparative analysis is performed. This showed the possibilities for the development of the Russian banking system in the domestic market and in the territory of the Union States. The regulatory documents of the EAEU have been studied. The expected positive effect for the Russian banking sector from the implementation of the EAEU common financial market project was noted. Various issues of introducing a single currency as a means of payment for the calculation of the EAEU countries are investigated. The current structure of payments of the Union States in national and world reserve currencies is considered. This allowed us to identify Russia's interests in creating a currency union and identify the constraints of this process. The presence of Russian banks outside the country and their position in the international arena are considered. A list of the main obstacles to their expansion abroad is formulated. The article reveals the relationship between the development of integration processes in the EAEU and the opportunities to increase the competitiveness of the Russian banking system in the global financial market. Conclusions: the Banking system of Russia today has a great potential for development on a national scale, in the market of banking services of the Eurasian Union and at the global level. The integration policy of the EAEU in the banking sector contributes to increasing the competitive advantages of the Russian banking system. The implementation of the agreed strategic plan to create a common financial market for the EAEU will accelerate the process of qualitative development of the Russian banking system.