Finance: Theory and Practice | 2026
Authors: Kvasha N.V.; Malevskaia-Malevich E.D.
DOI: 10.26794/2587-5671-2026-30-2-172-184
Journal: Finance: Theory and Practice
Year: 2026
Publisher: Financial University under The Government of Russian Federation
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
The relevance of the study is determined by the need to transform financial mechanisms to ensure the transition to a circular economy in the context of the instability of the current technogenic development model. The existing gap between the financial sector and the real economy, as well as short-term market benchmarks and difficulties in monetizing externalities, which limits the financing available for sustainable development projects. The aim of the study is to develop theoretical, methodological, and practical recommendations for transforming of financial mechanisms to ensure an effective transition to a circular economy. The research methods used include the systems approach, scientific abstraction, comparative analysis, the classification method, the analysis of statistical data, and the analysis of practical cases. Research results: theoretical approaches to sustainable finance have been systematized. The author’s classification of financial instruments for the circular economy has been developed. The compliance of the partner financial system with the open-book principle necessary for the formation of effective circular ecosystems has been substantiated. The potential of digital currencies for the formation of a two-circuit monetary system that provides targeted financing for sustainable projects has been identified. A mechanism for monetizing externalities through quasi-financial instruments has been proposed. The connection between the proposed financial mechanisms and the goals of creating a nature-like economy that focuses on the regeneration of natural capital has been demonstrated. Conclusions and practical significance: The need to combine market and administrative mechanisms for regulating sustainable finance has been substantiated. Recommendations have been formulated for developing an experiment in partner financing, introducing a “colored” digital ruble, creating a unified platform for the circulation of quasi-financial instruments, and integrating nature-like criteria into the Russian taxonomy of sustainable projects. © Kvasha N., Malevskaia-Malevich E.D., 2026.
a two-curcuit monetary system; carbon credits; circular economic systems; circular economy; digital finance; efficiency; natural capital; partnership finance; sustainable finance