Institutional Cooperation between the Government of the Russian Federation and the Bank of Russia in Ensuring the Sustainability of the State's Financial and Economic System

Abstract

By 2026, Russia has established a three-tiered coordination model: strategic planning (Financial Stability Council), operational response (joint crisis management plans), and functional interaction (regulation of systemically important banks and payment infrastructure). It is shown that the key mechanism for enhancing resilience consists in the transition from one-time support measures to continuous monitoring of systemic risks using stress testing and macroprudential limits. The need for stronger coordination in terms of long-term structured financing and import substitution of financial technologies is substantiated. The objective of the study is to systematize the areas and mechanisms of joint activities between the Bank of Russia and the Government of the Russian Federation in the context of ensuring the resilience of the national financial and economic system in the context of structural transformation and external sanctions pressure. In contrast to studies that consider the Bank of Russia and the Government of the Russian Federation as independent institutions with a clear division of functions, the article substantiates the thesis that 2024–2026 will see the emergence of a "hybrid coordination model," where the regulator maintains formal independence but achieves deep operational integration in the event of force majeure.