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DOI: 10.15862/05FAOR325 (https://doi.org/10.15862/05FAOR325)

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Matytsin M.M. Adaptation of project finance instruments to the tasks of technological sovereignty of the Russian Federation. Russian journal of resources, conservation and recycling. 2025; 12(s3). Available at: https://resources.today/PDF/05FAOR325.pdf (in Russian). DOI: 10.15862/05FAOR325

Adaptation of project finance instruments to the tasks of technological sovereignty of the Russian Federation

Matytsin Maximilian Mikhailovich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: mmmatytsin@fa.ru

Abstract. The transformation of external economic conditions and intensified sanctions pressure have highlighted the need for the Russian economy to develop an independent technological base capable of ensuring the reproduction of critically important production competencies at the national level. This study analyzes the adaptation of project finance instruments to the objectives of ensuring technological sovereignty of the Russian Federation amid structural economic restructuring. The paper systematizes conceptual approaches to project finance as a mechanism for implementing industrial policy, conducts a comparative analysis of key institutional instruments for supporting priority projects (the Project Finance Factory, the technological sovereignty taxonomy, the Cluster Investment Platform, and SPIC 2.0), and identifies problems and limitations of the current system of regulatory incentives. The results indicate that while the Russian Federation has established a multi-level project finance system oriented toward technological leadership goals, the high cost of borrowed resources and incomplete regulatory framework significantly constrain the scalability of the instruments employed. The scientific novelty lies in the author’s systematization of financial mechanisms for ensuring technological sovereignty and in identifying institutional gaps between regulatory stimuli and the actual investment behavior of market participants.

Keywords: project finance; technological sovereignty; industrial policy; project taxonomy; Project Finance Factory; Cluster Investment Platform; special investment contract; regulatory incentives; VEB.RF; structural economic adaptation

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