Abstract: The article examines the role of investment cooperation within the framework of the BRICS as an alternative mechanism for attracting foreign direct investment into the Russian economy in the face of sanctions pressure, which led to the disruption of its international investment ties. Since 2022, Western countries have practically curtailed their investment presence in Russia or frozen assets as part of sanctions. Under these conditions, the importance of the BRICS association has increased, the participants of which collectively form the largest «non-Western» investment block of the world economy. The study aims to analyze investment cooperation between Russia and the BRICS+ countries, assess its real scale, identify conditions and barriers to its expansion, and identify areas for the development and improvement of public investment policy, taking into account certain problems and key areas of development. The object of the study is investment cooperation within the framework of the BRICS, and its subject is the mechanisms, dynamics and institutional conditions for attracting FDI from the BRICS countries to the Russian economy. The research is based on general scientific methodology, as well as statistical data from national banks, international organizations and analytical centers. According to the results of the study, the BRICS countries are taking an increasingly important position in the global investment space, which means a structural shift in favor of non-Western centers of capital attraction. However, Russia found itself sidelined from this investment dynamic, the main reasons for which were the instability of the BRICS institutional architecture in the face of sanctions pressure and the threat of secondary sanctions. A number of areas have been identified for improving Russia's investment policy in the context of cooperation with BRICS partners (development of special investment regimes, accelerating the formation of an investment settlement infrastructure in national currencies and central securities, partial restructuring of the NBR in relation to the Russian position, and reorientation of investment priorities to technological sectors). Scenarios for further development of investment cooperation in the BRICS-Russia format are presented.

Keywords: BRICS, foreign direct investment, international investment position, sanctions, New Development Bank, pool of foreign exchange reserves, alternative investment channels, friendly jurisdictions, secondary sanctions, investment cooperation

Abstract: The article addresses the pressing issue of early detection of market regime shifts in the Russian stock market. To this end, a new indicator is proposed — vector acceleration α, computed as the difference between successive values of the co-direction coefficient λ. The analysis is conducted on extensive data from the MOEX index for the period 2013–2024, which encompasses three major shocks: the 2014 sanctions, the COVID‑19 pandemic, and the 2022 geopolitical crisis. Vector acceleration serves as a leading indicator: its shift into negative territory and a sharp increase in volatility signal structural shifts at early stages, before they become apparent in price movements. For each shock, the mean acceleration, standard deviation, and the share of extreme days are calculated. The original data are normalized into a two-dimensional time–price space; movement vectors and a trend vector are constructed within a 20-day rolling window, after which λ is obtained as a normalized projection. The acceleration response differs qualitatively depending on the nature of the shock: during the 2014 sanctions, acceleration stays near zero with moderate volatility; the 2020 pandemic produces a sharp but quickly fading spike; the 2022 geopolitical crisis is accompanied by a record drop in mean acceleration (-0.47) and abnormally high volatility (1.22), indicating a full-scale regime change. The scientific novelty consists in applying this indicator for the early quantitative diagnosis of market regime shifts: unlike existing domestic studies, the proposed indicator measures not the aftermath of shocks but the speed at which market coherence is lost in real time. The findings suggest that vector acceleration can serve as an additional risk-management tool, suitable for both retail investors and professional managers in the timely recognition of structural shifts.

Keywords: vector acceleration, market regimes, MOEX index, early detection, risk management, codirectional coefficient, early warning, stock market, volatility, exogenous shocks