Increasing the efficiency of regional economies as a factor of the Russian Federation’s economy stability under sanctions restrictions conditions

Sanctions imposed on the Russian Federation are unprecedented in terms of history of economic relations. They have a negative effect on economic stability of both Russian regions and companies registered on their territory. Limitations in trade, raw materials and hardware supply, purchase of technology and software threaten achieving goals of import replacement program and economic growth. The country faces challenges of both sanctions counteraction and keeping economic stability. These challenges are stated in Russian National projects. Approaches to simultaneously define ways for Russian regions’ economies to grow and increase the Russian Federation independence from critical import should be formulated. Leading domestic companies contribute import replacement as well as have a positive impact on social, infrastructural, financial and technological development on the region and the country in general. The article offers the author’s interpretation of a set of leading regional enterprises as a number of organizations that are the greatest regional tax-payers and the revenue of each is equal to or greater than 4% of GRP. The industries these companies represent are the anchor ones for the region and these industries require outstanding support and should be in a spotlight of regional governments. The author conducted an analysis of an impact of a present economic situation on a set of regional economies excluding Moscow and St. Petersburg agglomerations for the period of 2014–2024 that made it possible to identify a stable relationship between GRP growth rate and economic stability of regional leading enterprises. The study examined a potential effect from moving the greatest Russian state organizations from Moscow agglomeration to regions in order to overcome an existing regional budget imbalance and expenses for inter-budget transfers.