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The article analyzes the current threats to financial and economic stability in the management system of budgetary resources of the Russian Federation. The authors identify and classify the key risks operating at the macro, institutional and operational levels. External challenges include budget dependence on oil and gas revenues, macroeconomic volatility, sanctions pressure, currency and inflation risks. Internal threats include the procyclical nature of fiscal policy, the fragmentation of the budget process, the shortcomings of fiscal federalism, the high subsidization of a number of regions, as well as the scale of the shadow economy and tax gaps. Special attention is paid to operational risks, such as uneven budget execution, cash gaps, cybersecurity vulnerabilities, and digital transformation challenges. Long-term threats related to demographic changes and climate risks are also considered. Based on systemic and risk-based approaches, a conceptual model of multilevel protection of financial and economic security is proposed, covering strategic, institutional and operational levels. The model aims to increase the adaptability of the budget system, strengthen fiscal discipline, and reduce vulnerability to external and internal shocks. The study highlights the need for a comprehensive response to modern challenges through the improvement of the regulatory framework, increased transparency and the introduction of digital solutions in public finance management.
financial and economic security, budget management, budget risks, budget system sustainability, fiscal policy, public finance management
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