ENSURING FINANCIAL SECURITY IN RUSSIA’S NORTH AND ARCTIC REGIONS THROUGH FIXED ASSETS MANAGEMENT

• Published in: Север и рынок: формирование экономического порядка
• Main Author: Dmitriy S. Krapivin
• Format: Article in Journal/Newspaper
• Language: English; Russian
• Published: The Russian Academy of Sciences, Federal Research Centre Kola Science Centre 2023
• Subjects: regional economy; fixed assets; management; import substitution; russian arctic; Social Sciences; H; Arctic
• Online Access: https://doi.org/10.37614/2220-802X.4.2023.82.004; https://doaj.org/article/c7510460ae9f48a08eb599b362a4318d

This study explores the management of fixed assets in the context of ensuring financial security for sustainable development in the North and Arctic regions of Russia. Its findings can be used by both regional authorities and business entities to formulate effective policies for managing fixed assets. Focusing on the degree of wear as a key indicator of the state of fixed assets in the North and Arctic regions of Russia, the article establishes that there are both longstanding systemic issues and emerging threats to economic security in this domain. An analysis of fixed assets depreciation since 2010 shows that many of Russia’s North and Arctic regions have long been demonstrating critical depreciation values. Further examination uncovers a more complex situation than anticipated. Modern threats, such as the global challenges arising from the COVID-19 pandemic and the geopolitical tensions leading to sanctioning practices and loss of market access to technologies, add another layer of complexity. To mitigate these threats, the study recommends implementing a comprehensive fixed assets management policy, developing incentive programs for timely fixed assets modernization and renewal, and designing import substitution policies. This approach aims to unlock the financial and economic potential of Russia’s North and Arctic regions, ensuring a high level of economic security in fixed assets management.