Assessment of the Impact of Unilateral Restrictive Measures on the Mortgage Lending Market in the Russian Federation: Financial and Legal Analysis

The credit market is heavily dependent on the flow of cheap foreign debt, and the ability of the financial institutions to place their assets in external markets. Due to the «avalanche of sanctions» that has hit our country, domestic credit and other financial institutions are effectively disconnected from a single «blood» system of international capital movements. The purpose of this work is to study the impact of unilateral restrictive measures imposed by unfriendly states and having a significant impact on this segment of the domestic financial market; to analyze the measures taken to counteract restrictions and stabilize the situation; to systematize scientific views on this matter and make proposals to the legislator aimed at growing the effectiveness of state support for the mortgage lending sector in the face of increasing economic pressure. Conclusions. The conducted scientific and applied research confirmed the special role of the state in stabilizing and reviving the lending market. Meanwhile, the areas of support should be selected taking into account the implementation of the supply-side economic policy, in connection with which it is advisable to continue the effectiveness monitoring (economic, social) of the use of federal budget funds allocated to subsidize lost income by credit institutions on housing loans granted preferences to certain categories of citizens. The reduction of the said budget expenditures will be facilitated by the creation of a favorable legal regime for investors, including from friendly countries; the development of international cooperation within the EAEU and BRICS on issues of partnership financing. An increase in the number of participants in relations in the mortgage lending market will allow diversifying risks and extending the line of services provided.