The article attempts to construct a unified economic framework for analyzing the evolution of the space-based solar power (SBSP) concept. The study shows that the genealogy of SBSP can be represented as a three-part structure in which economic motives embedded in three intellectual traditions intertwine. The first of these — the Russian planetary school of the early 20th century (V.I. Vernadsky, B. Weinberg) — viewed cosmic energy as a resource for developing new territories and overcoming energy and resource constraints. The second tradition traces back to the literary-engineering image created by A. Asimov (1941), where the task of reducing transaction costs through the creation of capital-intensive, long-lived assets in orbit was first intuitively formulated. The third tradition is associated with the scientific systematization of N.S. Kardashev (1964), who linked the level of energy consumption with civilizational development, thereby giving a macroeconomic dimension to the issue under discussion. Until now, these three motives have typically been considered separately, and the task of their synthesis has not yet been explicitly posed. The novelty of the research also lies in introducing into scientific circulation the latest data from 2025–2026. This refers to projected LCOE values for the British Space Solar project by 2040, SpaceX’s application to create orbital data centers — positioned as a significant step for humanity towards achieving the planetary level (Type I) on the Kardashev scale — as well as plans for the merger of SpaceX and xAI with an expected valuation of up to $1.5 trillion. Comparing historical ideas with modern techno-economic assessments allows us to conclude that the SBSP concept is transitioning from the philosophical-engineering plane to the sphere of practical calculations and commercial projects. The article also highlights systemic barriers hindering development — launch costs, environmental risks, and regulatory uncertainty. Possible solutions proposed include the development of reusable launch vehicles, international coordination of standards, and the integration of SBSP into long-term energy strategies, drawing upon the three-part model of economic motives introduced in the article.

Keywords: Space solar energy, Kardashev scale, levelized cost of electricity, Russian planetary school, orbital data centers, technological optimism, investments, global economy.

JEL Classification: F5, Q42, O33

For citation
Lukashenko I.V. Three Origins and a Contemporary Projection: An Economic Genealogy of Space-Based Solar Power. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 5–16. https://doi.org/10.65324/wewf026

The study examines fragmentation of the world economy as a factor in the intensification of global economic imbalances. The aim of the study is to identify the impact of fragmentation of the world economy on the intensification of global imbalances and to identify opportunities for mitigating them through cooperation among developing countries, primarily within BRICS. The methodological basis of the study consisted of a systems approach, methods of structural and comparative analysis, as well as scientific generalization and interpretation. The information base of the study consists of scholarly literature and materials from international organizations. Trade, investment, currency and financial imbalances, as well as technological imbalances, are considered as key manifestations of the structural asymmetry of the world economy. It has been established that fragmentation of the world economy deepens asymmetry between countries, increases the instability of international economic linkages, and heightens the vulnerability of national economies to external shocks. It is shown that, under these conditions, cooperation among developing countries aimed at diversifying foreign economic relations, increasing the share of settlements in national currencies, strengthening investment cooperation, and reducing dependence on dominant financial and technological centers becomes more important. Cooperation among BRICS countries serves as a mechanism for mitigating the consequences of economic fragmentation and reducing the severity of global imbalances. Prospects for further research are related to analyzing the consequences of economic fragmentation at the sectoral and regional levels, as well as to assessing the long-term effectiveness of mechanisms of cooperation among BRICS countries.

Keywords: global economy, fragmentation of the global economy, global economic imbalances, structural asymmetry of the global economy, developing countries, BRICS, international economic cooperation.

JEL Classification: F20, F30, F40

For citation
Sakharov D.M. Fragmentation of the world economy as a factor in the intensification of global economic imbalances. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 17–27. https://doi.org/10.65324/wewf027

Amidst the transformation of the global economy and intensifying geopolitical confrontation, sanctions mechanisms are being extended to strategically important and knowledge-intensive industries, including the space sector. Space activities, which have historically developed as an area of international cooperation and institutionally established interaction, are increasingly becoming the target of economic coercion. This is giving rise to a qualitatively new phenomenon: «space sanctions», which combine elements of export control, financial restrictions, and the disruption of technological chains. The aim of this study is to analyze the effectiveness and institutional limitations of economic sanctions in the space sector, as well as to identify the factors that limit their effectiveness in the context of global cooperation. The scientific novelty of the work lies in the fact that «space sanctions» are considered as a separate area of ​​foreign economic policy. The paradox of economic pressure in the space industry, manifested in the contradiction between the logic of sanctions as a means of foreign policy pressure and the cooperative nature of international space activities, is substantiated. The article provides a detailed analysis of how sanctions affect changes in international space cooperation, including changes in the structure of international projects, the redistribution of launch markets, and the strengthening of the role of alternative development centers. The space industry is viewed as a system of interconnected elements, the operation of which is based on the distribution of responsibility among participants. It is shown that sanctions are selective: they increase costs, slow down development, and stimulate independence, but do not lead to complete isolation in projects where participants are critically dependent on each other. Special attention is paid to the risks of global space fragmentation, divergence of technical standards, rising costs, and the weakening of science diplomacy.

Keywords: space sanctions, international space cooperation, rocket and space industry, technological autonomy, import substitution, science diplomacy.

JEL Classification: F21, F51

For citation
Sergeeva N.V., Kuroedova A.A. «Space sanctions» as a new instrument of economic coercion in world politics: opportunities and risks. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 28–35. https://doi.org/10.65324/wewf028

This article examines the key activities of the Rosatom State Corporation as a major energy complex and a systemically important institution, stimulating the technological development of related sectors of the Russian economy and the state’s international relations with African countries in the face of severe sanctions pressure. It shows how, as part of implementing its updated development strategy through 2030, Rosatom is actively investing significant capital in expanding innovative processes to transform the national economy, as well as in international projects that generate a positive balance of payments for external transactions. An analysis of Rosatom State Corporation’s public reporting and extensive financial indicators, reflecting its actual economic situation, allowed them to be systematized and subsequently identify the competitive advantages of the entire Russian nuclear industry. Particular attention is paid to the corporation’s systematic interaction with countries on the African continent, both in the nuclear energy sector and in related socially significant industries, which will help reduce the energy deficit in African countries without harming the environment or the region’s national and cultural traditions. Based on the results of their work, the authors substantiated the strategic importance of further supporting and developing Russia’s “peaceful atom” and assessed Rosatom’s contribution to fostering a positive image of Russia abroad, expanding its partnerships, promoting import substitution, and maintaining the country’s technological sovereignty.

Keywords: Rosatom, nuclear power plants, Russia, Africa, nuclear industry, power generation, energy.

JEL Classification: F23

For citation
Prudnikova A.A., Tsyman V.D. Rosatom’s role in reducing energy deficit in African countries. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 36–44. https://doi.org/10.65324/wewf029

In the era of global transformation processes, value chains are becoming crucial for the functioning of the global economy. At the current stage of development of the global economy, value chains are subject to various changes. There is a huge amount of research that includes a detailed study of the changes taking place, as well as their impact on the mechanisms of functioning of value chains. This article examines the process of transformation of value chains using the example of the domestic economy. Today, in the context of geo-economic shocks, the architecture of value chains is reconfiguring from linear models to complex systems. Special attention is paid to the analysis of the place and role of the Russian Federation in the global economy at the present stage of development. The conducted research is based on the use of methods such as comparative, statistical and economic analysis, which include methods of grouping comparisons and information modeling. This article presents an up-to-date analysis of key macroeconomic indicators of the domestic economy. Key challenges and risks related to external pressures and internal structural imbalances have been identified. On this basis, the concept of improving the practice of economic regulation is formulated, aimed at increasing the sustainability of national value chains. The practical significance of the study lies in the development of recommendations to increase the flexibility and adaptability of value chains, in particular for the domestic economy. The presented results allow us to move on to further research related to an in-depth analysis of value chains in the context of the transformation of the global economy at the present stage.

Keywords: value chains, sustainable development, transformation, the global economy, foreign direct investment, industrial production, labor market.

JEL Classification: C51, F44, F62

For citation
Gvozdeva V.A. Navigating turbulent times: model for the strategic transformation of Russian value chains. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 45–51. https://doi.org/10.65324/wewf030

In the modern era, international labor migration has become a key structural element of the global economy. According to the International Labour Organization (ILO), 167.7 million migrants were part of destination countries’ labor force in 2022, accounting for 4.7% of the global workforce. But this process is no longer taking place in stable, predictable conditions. Rising geoeconomic turbulence, caused by trade conflicts, technological disruptions, the effects of pandemics, and geopolitical reconfiguration, is fundamentally changing the landscape of migration. The aim of the article is to study the characteristics of international labor migration in a global context. The aims of the study are to analyze the state and main trends of modern world migration flows of labor resources. The author applied methodological components, including historical and modern economic theories as well as the theory of the global labor market and a comprehensive analysis of global labor migration. The paper carried out an analysis of economic efficiency and global trends and proposed solutions for managing migration labor policies at the international level. Findings/significance: International labor migration is the “blood system” of the global economy, redistributing labor and capital. Its effective regulation and humanization are among the most important challenges facing the world in the twenty-first century. Labour migration plays an important role on an international scale, with the advantage of addressing economic, demographic, sociocultural, political and overall global issues.

Keywords: geoeconomic turbulence, labor migration, global labor market, migration trajectories, world economy, economic development, migration.

JEL Classification: F22

For citation
Makarova E.B. International labor migration: global context and structural shifts. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 52–58. https://doi.org/10.65324/wewf031

This article presents the results of the study of ASEAN-5 countries risks at the current stage of their development. This group of countries includes Malaysia, Thailand, Indonesia, Vietnam and the Philippines. The purpose of this study was to differentiate risks according to the source of their occurrence. In the first part the author clarified the approach to risk classification according to the criterion given earlier. There were identified global, regional, national and local risks. A characteristic feature of global risks is that they arise on a planetary scale and cover a wide group of countries and regions. Regional risks are those that are specific to the Southeast Asia, affect integration issues within ASEAN and concern some important subregional issues. National risks may be common to all ASEAN-5 countries, but at the same time relate to internal issues of their socio-economic development. Lastly, the group of local risks is mainly related to the uneven level of ASEAN-5 countries regional development. The second part of the study presents the results of the analysis of the main risks for ASEAN-5 countries socio-economic development and differentiation of these risks into the above groups. It should be mentioned that not all existing risks for the ASEAN-5 countries were considered. However, the risks identified by the author are either already acquiring a structural character or are capable of exerting a sustainable impact on the balance of power in this group of countries. A systemic analysis of these risks, as well as current trends and conditions for the countries development, may allow scientists to identify the structural factors of countries socio-economic development.
Keywords: risks, socio-economic development, Malaysia, Thailand, Indonesia, Vietnam, Philippines, ASEAN, Southeast Asia.

JEL Classification: F15, F53

For citation
Sukalo A.I. Differentiation of risks for ASEAN-5 countries socio-economic development at the current stage. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 59–68. https://doi.org/10.65324/wewf032

The article focuses on the transformation of the global monetary and financial system (GMFS) under the influence of deglobalization, characterized by increasing geo-economic fragmentation, the rise of regional currency blocs, and the expansion of digital settlement systems. A comprehensive theoretical and empirical analysis of the key drivers shaping the evolution of the GMFS is conducted, including political and sanction-related constraints, the dynamics of reserve currencies, financial digitalization, and institutional reform of international organizations. The study provides a historical-comparative overview of monetary systems — from the Bretton Woods framework to the current multipolar configuration. The empirical analysis relies on data from the IMF, BIS, SWIFT, the World Bank, and country-specific statistics (China, India, Brazil, Saudi Arabia, among others). The results reveal that while the US dollar remains dominant, there is a persistent trend toward diversification of reserves, a growing role of gold and national currencies, and strengthening positions of BRICS institutions, the New Development Bank (NDB) and others. Special attention is paid to emerging payment infrastructures (CIPS, SPFS, BRICS Pay, RippleNet) and the prospects for central bank digital currencies (CBDCs). The paper concludes by outlining possible development scenarios for the GMFS — from the continuation of a dollar-centric model to the emergence of a multipolar, digitally integrated monetary order. It is concluded that the global monetary and financial system is evolving toward a hybrid, multi-tiered, and technologically interconnected structure in which regional financial centers and international institutions play an increasingly significant role.

Keywords: global monetary and financial system, deglobalization, international reserves, BRICS, central bank digital currencies (CBDC), IMF, SWIFT, BIS, institutional reform.

JEL Classification: F21, F31

For citation
Glebova A.G., Shtifanova P.A. Key Factors Transforming the World Monetary and Financial System under the Influence of Deglobalization. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 69–78. https://doi.org/10.65324/wewf033

The valuation of cryptocurrencies and other digital assets remains a contested area of financial methodology: the classical triad — DCF, CAPM, and market multiples — relies on anchors that are either unavailable or non-interpretable in the crypto domain, since most tokens lack regular issuer reporting, predictable cash flows, and stable industry benchmarks. This article proposes a methodological framework that bridges the gap by embedding market microstructure information into the valuation procedure. Three complementary indicators (VPR, VAV, HV-lite), extracted from a standard OHLCV dataset, are aggregated into a composite Liquidity and Quality Score (LQS), which provides a quantitative scale for adjusting discount rates and market multiples, as well as a criterion for selecting comparable assets. The article identifies three integration channels for valuation practitioners (income approach, comparative approach, result validation) and outlines application scenarios beyond a single valuation exercise — risk management, regulatory monitoring, and manipulation detection. Using a panel of six leading cryptocurrencies over 85 months (August 2018 — August 2025), the framework demonstrates ranking stability under reasonable weight variations, internal consistency of components, and significant predictive power of LQS for next-month realized volatility. On this empirical basis, a microstructural risk premium is calibrated in the range of 50–500 basis points per annum, improving the reproducibility and comparability of digital-asset valuations.

Keywords: digital assets, cryptocurrencies, valuation, market microstructure, market quality index, illiquidity premium, discount rate, OHLCV.

JEL Classification: F23, F61

For citation
Nazymok A.A. Microstructure-Based Adjustment of Digital Asset Valuation: A Methodological Framework and Calibration of the Market Quality Premium. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 79–86. https://doi.org/10.65324/wewf034

In recent years we observe increased volatility in the volume of global green financing, despite the process itself being supported, stimulated, and guided by the UN and involving international organizations, governments (from both developed and developing countries), and institutional investors. However, the need for financial resources, pointed out primarily by the less developed countries with the greatest need, was already quite high in the previous decade, and planned green investments were not fully implemented. In the current decade, needs have increased, and funds flows from official institutions (supranational and national) remain insufficient. Many institutional investors (including leading global ones) have also abandoned green investments. Nevertheless, the resilience of green finance — its ability to withstand an unfavorable external environment — is being observed globally. These aspects are analyzed in the paper across the activities of international organizations and private institutional investors, and for groups of countries with varying levels of economic development, with a focus on developing countries. The author concludes that the prospects for green finance are quite favorable, especially given the current key motivating factor — political factors.

Keywords: green finance, resilience, green investments, International Monetary Fund, institutional investors.

JEL Classification: F30, F38, F39

For citation
Khmyz O.V. Resilience of Global Green Finance (Institutional Approach). World Economy and World Finance, 2026, vol. 5, no. 2, pp. 87–99. https://doi.org/10.65324/wewf035

Amidst escalating geopolitical turbulence, the contemporary global financial architecture is confronting the exhaustion of the liberal-integration paradigm, precipitating profound market fragmentation. This study addresses the qualitative metamorphosis of energy resources, which are transitioning from neutral market assets into foundational determinants of currency stability and national sovereignty. Consequently, there is a critical need to re-evaluate monetary-financial transmission mechanisms operating under the «paralysis» of traditional cross-border arbitrage and the erosion of the «law of one price» driven by institutional barriers. The research aims to provide a theoretical explication and empirical verification of the regional segmentation of the global energy space, while assessing the scale of price formation deformation under systemic geopolitical shocks. The study is underpinned by the author’s «three belts» concept of currency-energy dependence, which categorizes nations based on their adaptation patterns to fragmentation. The econometric design is implemented in Python, utilizing weekly data for the 2018–2025 period. The methodological protocol incorporates the Augmented Dickey-Fuller test to identify stochastic trends and the Chow test to detect structural breaks at institutional inflection points. The theoretical significance of this work lies in the formulation of a new analytical paradigm for studying financial sovereignty based on the commodity-backing of currencies. The practical utility of the findings pertains to the precision-tuning of macroeconomic regulatory instruments and the calibration of fiscal rule algorithms amidst the disintegration of global settlement circuits. The empirical analysis mathematically verifies the global market’s transition toward a «geopolitical segmentation» model, evidenced by a systemic inversion of market correlations between oil prices and the US Dollar Index. The findings statistically validate the emergence of a persistent «geopolitical discount» as a structural constant and the «decoupling» of national exchange rates from global benchmarks. Ultimately, the study substantiates the rise of a new architecture of inter-market linkages, where traditional market balancing mechanisms are superseded by institutional filters and autonomous value systems.

Keywords: global financial market; energy transformation; institutional fragmentation; monetary-financial transmission; structural break; geopolitical discount; financial sovereignty.

The article was prepared based on the results of research work carried out within the framework of the state assignment of the Financial University under the Government of the Russian Federation for 2026.

JEL Classification: F31, F34, F65

For citation
Bashkov D.Yu., Pischik V.Ya. Energy Resources as a Determinant of Currency Stability: Transformation of Pricing Mechanisms Amid Geopolitical Segmentation. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 100–111. https://doi.org/10.65324/wewf036

This article examines current issues related to the emergence and further development of financial ombudsman services and other institutions for the protection of financial services consumers, their main functions and the specifics of their organization in various countries, as well as their role in combating fraud in the financial and banking sectors. The article also highlights challenges arising in combating violations of financial services consumers' rights and interactions with other specialized bodies and agencies, as well as improving the financial and legal literacy of clients to ensure that their rights are respected by financial and credit institutions. A cross-country analysis compares the regulatory models of the United States, the United Kingdom, and Germany, revealing an imbalance between deregulation and institutional protection of citizens. Particular attention is paid to digital challenges, including the impact of artificial intelligence technologies on the volume of consumer complaints, and the need to empower the financial ombudsman with preventive functions is substantiated. Based on an analysis of the Financial Ombudsman Service's domestic practices, latent problems in the auto insurance, long-term savings, and microfinance sectors are uncovered, and specific preventative instruments for regulating mass financial products are proposed. The conclusion provides a description of promising areas for further development and improvement of financial ombudsman activities both in Russia and abroad.

Keywords: financial ombudsman, financial commissioner, financial Commissioner’s office, consumers of financial services.

JEL Classification: D18, F69

For citation
Fedyunin A.S., Arazgeldiyev G., Sin V.D. Financial Ombudsmen: common goals and special approaches. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 112–122. https://doi.org/10.65324/wewf037

By now, the situation in the international agricultural market has developed in such a way that geopolitical fragmentation (sanctions wars, trade barriers, local conflicts) have destroyed well-established logistics routes and export-import relations. Due to the fact that agribusiness is critically dependent on global markets (fertilizers, seeds, machinery, grain, oilseeds), the closure of traditional markets (for example, Europe) and the redirection of flows to the East and South require huge financial investments to restructure logistics, search for new insurers and renegotiate contracts. The purpose of the article is to identify and systematize effective financial mechanisms for adapting agribusiness to the conditions of geopolitical fragmentation of markets, as well as to develop recommendations for improving the financial stability of industry entities. Objectives: to determine the impact of geopolitical fragmentation on the structure of operational and investment flows in the agro-industrial complex; to classify financial risks arising in the context of deglobalization and sanctions pressure; to analyze the practices of using alternative settlement tools, hedging currency and price risks, as well as refinancing mechanisms; to develop a model of financial strategy for agribusiness that is resistant to external geopolitical shocks. The theoretical and methodological basis of the research consists of the concepts of financial management, the theory of international economic relations and sectoral economics. The work uses methods of system analysis, economic and statistical modeling, expert assessments and case studies. Results: the key result is the empirically proven thesis that in fragmented markets, the financial stability of an agribusiness is determined not by the size of the company, but by the capital structure and effectiveness of risk management. Conclusions/significance: in the context of geopolitical fragmentation, agribusiness is moving from a model of financial globalization to a model of financial autonomy, in which the key success factor is not maximizing profits in the short term, but the ability to build closed cycles of financing and settlements within blocks of friendly countries while simultaneously transforming the operating model to reduce the debt burden.

Keywords: geopolitical fragmentation, agricultural sector, financial mechanism, economic security, risk management.

JEL Classification: F23, F36

For citation
Chovgan N.I. Analysis of financial mechanisms of agribusiness adaptation towards the geopolitical fragmentation of markets. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 123–131. https://doi.org/10.65324/wewf038

The subject of this study is the derivatives markets of the BRICS countries, their structural characteristics, development trends, and role in the global financial system amid the transformation of the global financial architecture and the intensification of de-dollarization processes. The aim of this study is to identify fundamental imbalances between the macroeconomic weight of the BRICS countries and their shares in global derivative markets, as well as to justify directions for the integration of the bloc’s derivatives infrastructure. To achieve this objective, the study conducted a comparative analysis of indicators for the BRICS countries, the United States, the EU, and the United Kingdom based on statistics from the Bank for International Settlements and the International Monetary Fund; examined the transformation of the Russian derivatives market under the influence of sanctions pressure; and developed practical recommendations for the development of the BRICS derivatives infrastructure. The methodological framework of the study is based on a combination of general scientific and specialized methods: comparative analysis, which allowed for the comparison of macroeconomic indicators and countries’ shares in global derivatives markets; statistical methods for analyzing the quantitative parameters of national derivatives markets; institutional analysis to examine the transformation of the Russian over-the-counter derivatives market; and content analysis of strategic documents and reports from international organizations. The study’s findings demonstrate a critical disparity between the BRICS countries’ share of global GDP and their share of the global derivatives market. An analysis of Russia’s experience in transforming its derivatives market under the impact of sanctions revealed both the emergence of new vulnerabilities and adaptive mechanisms for countering sanctions pressure. The practical significance of the study lies in justifying a set of measures for integrating the BRICS derivatives infrastructure, including regulatory harmonization, the development of mutual access to exchange trading, the creation of hedging instruments in national currencies, and the use of collective financial mechanisms for integration, the implementation of which can ensure the formation of a unified derivatives space and the strengthening of the financial sovereignty of the participating countries.

Keywords: BRICS, derivatives markets, financial sovereignty, de-dollarization, imbalances, multipolar financial architecture.

JEL Classification: F31, F34, F53

For citation
Solovets P.A. Derivatives Markets in the BRICS Countries: A Comparative Analysis and Prospects for Integration. World Economy and World Finance, 2026, vol. 5, no. 2, pp. 132–140. https://doi.org/10.65324/wewf039