Transformation of investment activity in Russian industry under sanction constraints

The article presents the results of an analysis of the investment activity of Russian industrial enterprises in the period 2022–2024. It identifies systemic changes in sources of financing, sectoral and structural imbalances, as well as the transformation of factors that limit investment security. The analysis of statistical data indicates a high risk of exhausting the “safety margin” of previously initiated projects and an increased negative impact of sanctions restrictions on the launch of new investments. The authors propose a set of targeted measures to stimulate innovation-oriented investments, provide additional regulatory support for industries with the greatest decline in investments, develop non-banking instruments, expand tax preferences, and implement other measures to reduce the risks of excessive dependence on cyclical fluctuations in company revenues and government budgetary capabilities, accelerate the renewal of fixed assets, and take into account industry-specific factors when providing government support.