Editor-in-Chief: Vladimir M. Davydov, Corresponding member of Russian Academy of Sciences (RAS), Professor, Director of the Institute for Latin America of the RAS ISSN: 2313-2329 (Print) ISSN: 2408-8986 (Online) Founded in 1993. Publication frequency: quarterly PUBLISHER: Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University) Open Access: . APC: no article processing charge Peer-Review: double blind. Publication language: Russian, English Indexation: White List RCSI, Russian Index of Science Citation, Google Scholar, Ulrich's Periodicals Directory, Dimensions, DOAJ
Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)
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Central Asia in Russia’s foreign economic relations: trends and prospects (2020–2024)
The sanctions imposed on Russia by Western countries in 2022 acted as a catalyst for a large-scale restructuring of trade flows across the Eurasian region. While aimed at isolating the Russian economy, these restrictions ultimately failed to achieve their goal but instead provoked a significant transformation of the system of international economic relations. In this new environment, Central Asia has acquired strategic importance, evolving into a key partner for Russia and a vital transit hub for trade exchange. This study provides a comprehensive analysis of the structural changes in Russia’s trade and economic relations with the Central Asian countries (Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan) between 2020 and 2024. The study aims to assess the impact of sanctions on the reorientation of Russia’s trade flows towards Central Asia following 2022. It employs a comparative analysis of customs statistics and data from international organizations (ITC Trade Map, World Bank) to track dynamics in trade volume and structure before and after the imposition of sanctions. Particular attention is paid to the analysis of new commodity niches, mechanisms of parallel imports, and the prospects for further economic integration within the Eurasian Economic Union (EAEU). The central hypothesis posits that the growth in Russia’s trade turnover with Central Asian countries was differential in nature and determined by specific factors unique to each country in the region. The findings confirm this hypothesis, identifying key drivers such as logistics rerouting and import substitution. The study concludes that, despite persistent sanctions risks and infrastructure limitations, Central Asia has solidified its role as a strategically important economic partner for Russia, with relations continuing an upward trajectory.
Copyright (c) 2026 Migranyan A.A., Litvinov A.I. https://creativecommons.org/licenses/by-nc/4.0
BRICS as a center of interfacing civilizations
The study analyzes the role of BRICS in shaping the multipolar architecture of international relations. The focus is on the economic and geopolitical functions of the alliance, in particular its role as a platform for bringing civilizations together and mitigating global contradictions. The increasing tension in the system of international relations and the widespread escalation of conflicts compel us to talk about instruments, institutions and associations that have a direct or indirect opportunity to influence the stabilization and settlement of global contradictions. The proactive socio-economic and political inclusive expansion of the BRICS, which is spreading across the spectrum of civilizations, can already form alternative centers of regional power today, gradually bringing the opposing powers closer together. The purpose of the study is to identify the influence of civilizational factors on the geopolitical situation and to determine the role of BRICS in shaping the new world order through integration socio-economic processes. Analytical methods were used to study the theoretical foundations, methods of systematization and content analysis for processing publications and data. Comparative analysis was also used to identify the features of BRICS in relation to Western alliances, deduction and induction to create a holistic model of the alliance’s influence on world politics. It is determined that BRICS plays an important role in promoting the processes of de-dollarization, providing financial resources through the New Development Bank and strengthening the positions of the participating countries in the international system. It has been established that the alliance actively promotes the rapprochement of civilizations through transparent and tolerant partnership. The analysis showed that the architecture of BRICS cooperation attracts the interest of non-Western countries due to a fair and equitable approach, which leads to an increase in the number of those wishing to join the alliance. The intensification of forums, the creation of coordinating institutions and the strengthening of economic ties make BRICS an important element of international politics. The analysis of geopolitical processes demonstrates that the expansion of BRICS occurs mainly in the zones of civilizational faults identified by S. Huntington, while the alliance includes representatives of 6 of the 8 major civilizations (Orthodox, Sini, Hindu, Latin American, Islamic and African). It has been established that, unlike Western associations with pronounced US leadership, BRICS has a polycentric decision-making model that requires consensus among all participants, which creates institutional prerequisites for mitigating inter-civilizational contradictions. It has been revealed that the New Development Bank, which approved loans worth $32.3 billion without political conditions by the end of 2023, is forming an alternative model of international financing that promotes economic convergence of states of different civilizations. Of particular importance is the strategy of “inclusive expansion” of the BRICS, in which countries in potential or actual confrontation (India - Pakistan, Iran - Saudi Arabia, Egypt - Ethiopia) are accepted into the alliance, which creates a platform for dialogue and economic cooperation that reduces the potential for conflict along the lines of civilizational fault.
Copyright (c) 2026 Grinivetskiy I.I., Storozhuk R.P. https://creativecommons.org/licenses/by-nc/4.0
Determinants of household final consumption expenditures in Asia: Identifying regional features
Amid slowing global economic growth and declining external demand, several traditionally export-led Asian markets try to diversify their economic growth sources and expand household consumption expenditures. The largest Asian markets possess significant but not fully realized consumer potential, which is largely shaped by regional characteristics - particularly the considerable difference in household consumption expenditures’ dependency on the dynamics of their key determinants. The study aims to quantitatively assess this dependency for a group of the 10 largest consumer markets in Asia - China, India, Japan, South Korea, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - and compare them with global trends in order to evaluate the region’s potential to become a global consumption center and, consequently, to turn Asian consumption into a driver of both regional and global growth. The methodological basis of the study is a fixed-effects regression model calculated for current and permanent income specifications. It was found that the income elasticity of consumption in Asia is significantly lower compared to the global trend. A key barrier preventing private consumption from becoming a driver of regional growth remains the traditional high household saving rate and a households’ preference for long-term stability over short-term income growth. As a result, despite rapid income growth and the middle class expansion, these factors are likely to contribute to sustained consumer demand growth only in the medium term - over a horizon of five years or more. Inflation, on the other hand, has an opposite effect on private consumption dynamics: when prices rise, households are more inclined to direct short-term income gains toward additional consumption. The inertial export orientation in several Asian economies remains an obstacle to the shift toward consumption-led growth. However, the rapid development of financial systems is a stimulating factor. An important factor influencing the dynamics of private consumption is the gender structure of the population. In all societies, women are drivers of consumer demand, but this effect is significantly stronger in Asia.
Copyright (c) 2026 Arapova E.Y. https://creativecommons.org/licenses/by-nc/4.0
Indonesia’s opportunity in driving an optimistic involvement in the multipolar world: trade evidence from ASEAN and BRICS+
Indonesia has played a significant role in the global shift towards multipolarity. After joining ASEAN in 1967, Indonesia officially joined BRICS+ in early 2025. Indonesia’s involvement in these blocs is undoubtedly intended to increase economic growth through international trade. This study examines Indonesia’s involvement in establishing bilateral trade cooperation and explores opportunities for future Indonesian trade cooperation with these two blocs. Researchers employed four approaches, including trend visualization, the trade complementarity index (TCI), the trade intensity index (TII), and the autoregressive distributed lag approach. Trend visualization shows that Indonesia had significant trade cooperation with Singapore, Malaysia, the Philippines, China, and India from 2012 to 2023. The TCI calculation reveals that Indonesia has a reasonably high trade compatibility with other ASEAN and BRICS+ countries, with an average TCI value of 0.8. Thus, the TII discloses that several countries have the potential to become new markets for Indonesian trade. The Russian Federation and the Lao PDR are the countries with the most potential for Indonesian trade collaboration. The ARDL model analysis indicates that the values of Indonesia’s imports to ASEAN, its exports to BRICS+, and the exchange rate have a significant impact on Indonesia’s GDP. This study offers a comprehensive examination of the impact of Indonesia’s participation in multipolar organizations on its economic growth, particularly in relation to its membership in the BRICS+ group. Indonesia’s economic growth forecast indicates an upward trend, with an average growth rate of 3.4% projected over the next decade. This suggests that Indonesia’s involvement in ASEAN and BRICS is expected to have a substantial impact on its economic development. In conclusion, Indonesia’s decision to join the BRICS+ is a strategic move aimed at diversifying international trade and reducing its dependence on conventional markets. This study recommends that policymakers develop regulations for bilateral trade cooperation between Indonesia and ASEAN, as well as BRICS+ countries.
Copyright (c) 2026 Rizki S.W., Didenko N.I. https://creativecommons.org/licenses/by-nc/4.0
Development of a new currency settlement mechanism among BRICS countries
This study investigates the feasibility of introducing a supranational settlement instrument - the BRICS Currency Unit (BCU) - designed to reduce exchange-rate volatility, enhance financial sovereignty, and strengthen trade and investment flows among BRICS and BRICS+ members. The research models the real effective exchange rates (REERs) of BRICS countries using data from the Bank for International Settlements. Macroeconomic drivers-including GDP growth, inflation, current-account balances, foreign direct investment inflows, reserves, and the share of intra-BRICS trade-were incorporated into the modeling. Five alternative weighting schemes for the BCU were tested to identify the most stable and diversified composition. The analysis confirmed that REER dynamics across BRICS are shaped by both shared and country-specific macroeconomic factors, complicating the creation of a unified framework. Among tested approaches, GDP-growth-based weighting minimized correlation with domestic shocks and produced the most stable basket. This variant of the BCU demonstrated the strongest diversification properties, effectively mitigating currency risks and enhancing predictability for long-term trade and investment contracts. The findings support the potential of the BCU as a hedging tool and settlement mechanism that can reduce transaction costs, stabilize pricing in energy, agriculture, and manufacturing, and increase competitiveness of BRICS economies. Extending its application to BRICS+ partners would further diversify settlement options, reduce dependency on the US dollar, and reinforce the role of BRICS in the global economy.
Copyright (c) 2026 Vasyukov E.A. https://creativecommons.org/licenses/by-nc/4.0
The role of China and Russia in global governance and cooperation among BRICS and prospects of organization
The establishment of the intergovernmental association that later became known as BRICS - uniting Brazil, Russia, India, and China - took place in June 2006 during the St. Petersburg Economic Forum. Since then, the group has evolved into one of the most influential formats of cooperation among emerging economies, providing a structured yet flexible platform for political dialogue and economic coordination. Annual summits, ministerial consultations, and sectoral working groups have contributed to a gradual institutionalization of the format, even though BRICS remains distinct from traditional economic or military alliances. It lacks a common tariff policy, a free trade area, or supranational governance mechanisms, emphasizing instead the principles of equality, sovereignty, and mutual benefit among its members. This study examines the evolving role of China and Russia as central actors within BRICS and their capacity to influence global governance. The research draws upon a mixed-methods approach, combining qualitative analysis of academic literature and official policy documents with quantitative assessment based on data from the IMF, World Bank, UN Comtrade, and national statistical agencies. The findings demonstrate that China’s growing economic dominance within the bloc has generated a form of asymmetrical interdependence, while Russia continues to provide political and strategic balance. At the same time, the shared objective of reducing Western economic hegemony and promoting a multipolar order continues to unite the member states despite internal divergences. The study concludes that BRICS functions as an evolving platform for shaping an alternative model of globalization - one based not on confrontation, but on the diversification of international institutions and the search for more inclusive mechanisms of global governance.
Copyright (c) 2026 Mamakhatov T.M., Kulaeva E.K. https://creativecommons.org/licenses/by-nc/4.0
LSTM forecasting of Indonesia’s oil supply-demand deficit
Analysis of historical market data from 2020 to 2024 reveals a profound structural shift in Indonesia’s energy landscape: domestic crude production plummeted by 17.96%, while oil demand simultaneously surged by 14.57%. This widening supply-demand gap has severely intensified national energy security concerns, pushing Indonesia’s net deficit to approximately 1.0 million barrels per day (bpd). This critical gap directly pressures fiscal stability due to escalating fuel subsidy costs and exposes the macroeconomy to global price shocks. Given the market’s inherent non-linearity, driven by WTI price volatility and frequent, policy-led structural shifts (e.g., the deployment of AI for subsidized fuel control and the B40 biodiesel mandate), traditional linear models like ARIMA are severely limited in their predictive accuracy. We propose the Long Short-Term Memory (LSTM) deep learning network as a methodologically superior approach. The LSTM’s recurrent architecture, with its specialized gate mechanisms, is uniquely suited to capture the non-linear dynamics and long-term temporal dependencies of complex energy time series data. To ensure the reliability of our findings, model robustness was explicitly ensured via k-fold cross-validation and a thorough discussion of inherent dataset size limitations was provided, directly addressing methodological concerns. Empirical findings confirm the LSTM model’s significant superiority over the conventional benchmark, achieving a 57.24% reduction in Mean Absolute Percentage Error (MAPE) and significantly lower Root Mean Square Error (RMSE) compared to the ARIMA baseline. This high-precision forecast provides critical foresight for Indonesian policymakers, enabling proactive management of fiscal risk, targeted adjustments to foreign exchange reserves, and the successful acceleration of the national Indonesia Oil and Gas (IOG) 4.0 strategy toward long-term energy resilience.
Copyright (c) 2026 Muljono W., Setyanto P.A. https://creativecommons.org/licenses/by-nc/4.0
Internet marketing in healthcare to improve the quality of life: best international practices and Russia’s prospects
The study aims to summarize the best international practices of Internet marketing in healthcare and identify the prospects for adapting these practices to the specifics and modern needs of the socio-economic system of Russia to improve the quality of life in it. It contains an empirical study based on official statistics for 2025. An assessment of the quality of life in modern Russia from the standpoint of healthcare was made, revealing the incomplete disclosure of the potential for its improvement based on Internet marketing. As a result, an econometric model of improving the quality of life with the development of Internet marketing in healthcare was obtained, which clarified the consequences for healthcare as a component of the quality of life, which lead to its internetization and explained the influence of various factors of the internetization of society and the economy on the healthcare system. It was concluded that for the most complete realization of the potential of healthcare in the field of improving the quality of life, it is necessary to develop Internet marketing in healthcare. The theoretical contribution is to develop a new approach to the development of healthcare to improve the quality of life, based on Internet marketing. The advantage of the new approach is the systematic nature of marketization and internetization in healthcare, as well as improved coordination of market and digital reforms SHAPE \* MERGEFORMAT in the Russian healthcare system. In accordance with the author’s approach, the optimal combination of factors of the internetization of society and the economy was selected and scientific and practical recommendations were proposed to reveal the potential of Internet marketing in the healthcare system in Russia, and a forecast was made of the consequences of the internetization of healthcare for its development and quality of life in Russia. The application of the proposed applied solutions will reduce the burden on the state budget for financing healthcare, increase the quality and availability of medical services in Russia, and also increase the efficiency of the implementation of the state program for the development of healthcare in Russia until 2030-2036.
Copyright (c) 2026 Przhedetskaya N.V., Przhedetsky Y.V. https://creativecommons.org/licenses/by-nc/4.0
The technological product platforms and industrial ecosystems development based on the innovative solutions potential
The relevance of the topic is related to the need to develop technological product platforms (hereinafter CCI) and industrial ecosystems (hereinafter PE), based on the transformation of cardinal innovative solutions using digital technologies to ensure the creation of highly competitive products developed and manufactured to replace analogues previously imported due to high sanctions pressure. The development of CCI and PE requires the development and creation of economic tools for transforming the potentials of innovative solutions for the mechanism of managing the transition of an organization to a position of technological leadership through the production and commercialization of radically new products. The research objectives include analyzing existing approaches to transformation and identifying their main types in industrial ecosystems, developing recommendations for managing the organization’s transition to a position of technological leadership through the production and commercialization of radically new products. The purpose of this research is to study the role and effectiveness of digital technologies in the processes of transformation into industrial platforms and ecosystems as part of strategies for transforming the potential of innovative solutions. It is assumed that an integrated approach can significantly increase the company’s competitiveness in the international market and accelerate the growth of its economic performance. The research methods are content analysis of sources and economic and mathematical modeling of network multilateral effects of platforms. As a result, the effects of industrial platforms and ecosystems were studied, and a mechanism for the development of an organization based on a platform approach was formed.
Copyright (c) 2026 Chursin A.A., Shiboldenkov V.A., Gutenev A.V. https://creativecommons.org/licenses/by-nc/4.0
Improving the organization of public-private partnerships as a form of financing the development of tourism clusters
The study examines the importance of organizing and evaluating the dynamics of public-private partnership (PPP) projects in the tourism sector, taking into account the development of infrastructure facilities in tourist clusters. The study presents aspects of diagnostics and the most important issues of monitoring the functioning of regional tourism clusters based on improving the efficiency of using investment resources of concession agreements. The role of the system of public financing and risk management based on the principles of public-private partnership for the development of the tourism sector and tourism clusters, which are considering this form of financing for the further use of tourism potential and improvement of tourism policy in their regions, is shown. Using the mechanism of concession agreements, federal subjects use the opportunity to build large infrastructure facilities for tourism in conditions of budget deficit, which allows them to develop the economy and social sphere of these subjects. These results make it possible to identify measures to initiate the activities of the executive authorities of the constituent entities of the Russian Federation and municipal bodies of local self-government to more proactively carry out work to attract project investments of public-private partnerships to create favorable conditions for the development of tourism infrastructure, improve the investment climate and conduct tourism business.
Copyright (c) 2026 Bogomolova E.S., Lambrekht V.V., Nikulishcheva N.V. https://creativecommons.org/licenses/by-nc/4.0