Bank financing of innovation development of circumpolar regions in Russia: features and challenges

Abstract
Ensuring sustainable development of circumpolar regions is prioritized in the current economic conditions in order to realize the sovereignty and national interests of our vast country in the Arctic region. Sustainable socioeconomic development of the regions of the circumpolar zone is impossible without the activation of innovative processes. The possibility of the innovation depends on a variety of factors, one of which is an access to financial resources sufficient in terms of timing and volume. Historically, the main suppliers of financial resources in Russia are banks, which ineffectively participate in the financing of innovative development in the Russian circumpolar regions. Assessment of the potential of the intensification of influence that banks have on innovation processes has shown that it is limited to high-risk innovation, multiplying in a volatile external environment of functioning of economic entities and periodic financial crises. Development of banking financing of innovation and overcoming the existing challenges will allow stimulating innovative development of the circumpolar regions of Russia.

Keywords
innovation, innovative development, bank financing of innovation, the circumpolar region, socioeconomic development of the Arctic, an innovative system



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