CURRENT STRUCTURE OF THE BANKING SECTOR IN RUSSIA
The author states that as a result of the state policy of revoking licenses and restructuring of problem banks some credit institutions with state participation in Russia have been gaining monopolistic position in the banking sector of the country. This process is accompanied by the emergence of vertically integrated banks. The aim of the study is to con-sider main directions of the banking system development in Russia and to identify causes and consequences of verti-cal integration of banks with state participation. Using the rationalist and dialectical materialist method of cognition the author reveals essential characteristics of the banking system as well as identiﬁ es and deﬁ nes non-random correlations and their causes and effects. Targeted and coordinated work of the state ﬁ nancial regulator in the ﬁ nancial market creates a special group of banks thereby reducing the negative effect caused by sanctions from Western countries. In a market economy competition will force banks that belong to that special group to move from price competition to non-price competition in order to attract customers