Authors: D.N. Medvedev, O.Yu. Kuzmina

Title of the article: The impact of financial capital concentration on the financial stability of the economy

Year: 2026, Issue: 2, Pages: 32-39

Branch of knowledge: 5.2.1 Economics

Index UDK: 336.7

DOI: 10.26730/2587-5574-2026-2-32-39

Abstract: The modern development of national economies is often closely linked to the increasing concentration and centralization of financial capital, which is particularly evident in the banking and investment sectors. For the Russian economy, this trend has acquired particular significance in recent years, especially in the context of sanctions pressure, the structural transformation of foreign economic relations, and limited access to international capital markets. Phenomena such as the decline in the number of credit institutions, the growing share of large banks in the sector's total assets, and the strengthening role of the state in financial oversight are shaping a specific pattern of financial concentration. The relevance of this study is primarily due to the need for a scientific understanding of the extent and cases in which the concentration and centralization of financial capital contribute to the stability of the Russian economy, and when they pose additional systemic risks to its development. The purpose of this article is to assess the impact of the concentration and centralization of financial capital on the stability of the Russian economy in recent years. The article explores the theoretical foundations of the concentration of financial capital, provides an empirical assessment of this process using the banking and investment sectors of the Russian economy as an example, and attempts to qualitatively analyze the relationship between capital concentration and the state's macroeconomic stability.

Key words: concentration centralization financial capital banking sector state-owned banks sanctions financial stability

Receiving date: 15.03.2026

Approval date: 20.05.2026

Publication date: 11.06.2026

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