UDC 336.13

Kovtun O.I.¹ (Novosibirsk, Russian Federation) – kovtuolga@yandex.ru; Troshina V.G.¹ (Novosibirsk, Russian Federation) – trosinavara@gmail.com

¹Novosibirsk State University of Economics and Management

Abstract. The article examines the current problems of the Russian government securities market, which plays a key role in financing the budget deficit and implementing monetary policy. Despite it is importance, the market faces a number of challenges, including excessive dependence on the Central Bank, a limited circle of investors, external sanctions risks, and structural weaknesses. The purpose of the research is to analyze the current state of the market, identify key problems and develop practical recommendations for it is improvement. The research methodology is based on the analysis of statistical data from the Central Bank of the Russian Federation, the Ministry of Finance and the Moscow Stock Exchange, as well as a comparative analysis of international experience. This paper presents an analysis of the factors influencing the development of the government securities market, which can be roughly divided into three groups: macroeconomic and financial; foreign economic and market factors; and political and institutional factors. The authors examine the structure of investors and their returns for 2023-2024, allowing them to identify key features of the Russian government securities market in the context of sanctions restrictions and current external risks. The study’s results demonstrate that, to improve the market’s resilience and efficiency, it is necessary to expand the range of instruments, attract new categories of investors, and improve the transparency of issuance policies. The government securities market is evolving beyond a typical instrument for financing government budget deficits and is moving to a higher level – stimulating economic growth in the country. The novelty of the work lies in an integrated approach to solving problems, combining regulatory measures and market mechanism. The practical significance of the study is determined by the possibility of applying the proposed measures by government agencies and market participants to increase the stability and investment attractiveness of the Russian government securities market.

Keywords: government securities, federal loan bonds, liquidity, monetary policy, investments, sanctions, financial market, economic development.

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For citation: Kovtun, O. I., & Troshina, V. G. (2026). Improvement of the Russian securities market: problems and prospects. CITISE, 3, 302-318. (In Russian).