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Journal of Applied Research
Journals / Journal of Applied Research / Issue 7, 2026 / Systematisation and assessment of innovative solutions in the securities market under sanctions restrictions
UDC 336.76

SYSTEMATISATION AND ASSESSMENT OF INNOVATIVE SOLUTIONS IN THE SECURITIES MARKET UNDER SANCTIONS RESTRICTIONS Systematisation and assessment of innovative solutions in the securities market under sanctions restrictions

Published in Journal of Applied Research · Issue 7, 2026 · ELocator: 240-248 · Rubric: ECONOMICS. ECONOMIC SCIENCES.
DOI: https://doi.org/10.34755/d6464-5116-6705-n
Received: 14.10.2026 Accepted: 16.10.2026 Published: 16.10.2026
Authors
AL
Alexander Yankovsky
ABSTRACT
Following the introduction of sanctions restrictions, the Russian securities market faced not only reduced access to foreign capital but also disruptions in the recording of rights, payments and disclosure. The article compares the solutions used to restore these functions: replacement bonds and locally settled foreign-currency bonds, changes in custody infrastructure, digital financial assets, special disclosure regimes and new arrangements for supporting demand. The study aims to systematise these solutions and assess their applicability over different time horizons. The research draws on legislation, Bank of Russia documents and market statistics and uses functional classification together with an author-designed scoring method based on six criteria. These criteria are settlement-chain resilience, scalability, liquidity, legal and technological readiness, implementation costs and investor accessibility. The results show that local debt instruments currently receive the highest score because they rely on a familiar legal structure and can service substantial volumes of obligations. Infrastructure reforms take longer to implement but affect a broader range of transactions. The rapid expansion of digital financial assets has not yet been accompanied by comparable development of secondary trading and interoperability between platforms. The scientific novelty of the study lies in assessing innovation through the market function restored by a solution rather than through the instrument’s formal novelty. This approach distinguishes sustainable market change from a temporary workaround and identifies priorities for the further development of custody, digital and regulatory infrastructure. Issuance volumes are therefore considered together with liquidity, operational resilience and the ability of investors to exercise and transfer their rights.
KEYWORDS
securities market, sanctions restrictions, replacement bonds, digital financial assets, custody, financial innovation, liquidity, investor protection
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