<!DOCTYPE article
PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.4 20190208//EN"
       "JATS-journalpublishing1.dtd">
<article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" article-type="research-article" dtd-version="1.4" xml:lang="en">
 <front>
  <journal-meta>
   <journal-id journal-id-type="publisher-id">Theoretical economics</journal-id>
   <journal-title-group>
    <journal-title xml:lang="en">Theoretical economics</journal-title>
    <trans-title-group xml:lang="ru">
     <trans-title>Теоретическая экономика</trans-title>
    </trans-title-group>
   </journal-title-group>
   <issn publication-format="online">2221-3260</issn>
  </journal-meta>
  <article-meta>
   <article-id pub-id-type="publisher-id">95970</article-id>
   <article-id pub-id-type="doi">10.52957/2221-3260-2026-1-203-216</article-id>
   <article-categories>
    <subj-group subj-group-type="toc-heading" xml:lang="ru">
     <subject>ТВОРЧЕСТВО МОЛОДЫХ ИССЛЕДОВАТЕЛЕЙ</subject>
    </subj-group>
    <subj-group subj-group-type="toc-heading" xml:lang="en">
     <subject>YOUNG RESEARCHERS</subject>
    </subj-group>
    <subj-group>
     <subject>ТВОРЧЕСТВО МОЛОДЫХ ИССЛЕДОВАТЕЛЕЙ</subject>
    </subj-group>
   </article-categories>
   <title-group>
    <article-title xml:lang="en">Application of Risk Metrics in Hedging Foreign Trade Transactions with India</article-title>
    <trans-title-group xml:lang="ru">
     <trans-title>Применение риск-метрик при хеджировании внешнеторговых сделок с Индией</trans-title>
    </trans-title-group>
   </title-group>
   <contrib-group content-type="authors">
    <contrib contrib-type="author">
     <name-alternatives>
      <name xml:lang="ru">
       <surname>Богомолов</surname>
       <given-names>Иван Евгеньевич</given-names>
      </name>
      <name xml:lang="en">
       <surname>Bogomolov</surname>
       <given-names>Ivan Evgenievich</given-names>
      </name>
     </name-alternatives>
     <email>i2443492@gmail.com</email>
     <xref ref-type="aff" rid="aff-1"/>
    </contrib>
    <contrib contrib-type="author">
     <contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-7225-5462</contrib-id>
     <name-alternatives>
      <name xml:lang="ru">
       <surname>Семяшкин</surname>
       <given-names>Ефим Григорьевич</given-names>
      </name>
      <name xml:lang="en">
       <surname>Semyashkin</surname>
       <given-names>Efim Grigorievich</given-names>
      </name>
     </name-alternatives>
     <email>egsemyashkin@fa.ru</email>
     <bio xml:lang="ru">
      <p>кандидат экономических наук;</p>
     </bio>
     <bio xml:lang="en">
      <p>candidate of economic sciences;</p>
     </bio>
     <xref ref-type="aff" rid="aff-2"/>
    </contrib>
   </contrib-group>
   <aff-alternatives id="aff-1">
    <aff>
     <institution xml:lang="ru">Финансовый университет при Правительстве Российской Федерации</institution>
    </aff>
    <aff>
     <institution xml:lang="en">Financial University under the Government of the Russian Federation</institution>
    </aff>
   </aff-alternatives>
   <aff-alternatives id="aff-2">
    <aff>
     <institution xml:lang="ru">Финансовый университет при Правительстве Российской Федерации</institution>
     <city>Moscow</city>
     <country>Россия</country>
    </aff>
    <aff>
     <institution xml:lang="en">Federal State Budgetary Educational Institution of Higher Education &quot;Financial University under the Government of the Russian Federation&quot; Vladikavkaz Branch</institution>
     <city>Moscow</city>
     <country>Russian Federation</country>
    </aff>
   </aff-alternatives>
   <pub-date publication-format="print" date-type="pub" iso-8601-date="2026-01-31T00:00:00+03:00">
    <day>31</day>
    <month>01</month>
    <year>2026</year>
   </pub-date>
   <pub-date publication-format="electronic" date-type="pub" iso-8601-date="2026-01-31T00:00:00+03:00">
    <day>31</day>
    <month>01</month>
    <year>2026</year>
   </pub-date>
   <issue>1</issue>
   <fpage>203</fpage>
   <lpage>216</lpage>
   <history>
    <date date-type="received" iso-8601-date="2025-03-09T00:00:00+03:00">
     <day>09</day>
     <month>03</month>
     <year>2025</year>
    </date>
    <date date-type="accepted" iso-8601-date="2026-01-26T00:00:00+03:00">
     <day>26</day>
     <month>01</month>
     <year>2026</year>
    </date>
   </history>
   <self-uri xlink:href="https://theoreticaleconomy.ru/en/nauka/article/95970/view">https://theoreticaleconomy.ru/en/nauka/article/95970/view</self-uri>
   <abstract xml:lang="ru">
    <p>Для сокращения операционных расходов, уменьшения доли валютного риска и максимизации ценности при заключении валютных контрактов в торговле с Индией, компании прибегают к классическим инструментам хеджирования. Использование и применение фьючерсных контрактов на базе валютной пары рупия-рубль стало необходимостью с 2025 года для компаний с целью укрепления своей конкурентоспособности и митигации возникающих рисков. Целью статьи является рассмотрение возможности применения риск-метрик/параметров для дальнейшей оптимизации при расчетах со фьючерсными короткими-среднесрочными контрактами. На основе статистических данных RBI (Reserve Bank of India) по внешнеторговому балансу Индия-Россия за последние 5 лет, а также с использованием таких источников как: Московская биржа, CBonds, ЦБ РФ, была проанализирована динамика развития торговых отношений и сформирован расчет коэффициента хеджирования, позволяющий снизить потенциальный валютный риск при изменениях курсов валют, что способствует снижению издержек для компаний при заключении контрактов российскими компаниями в Индии. В результате проведенного анализа научной и практической литературы была рассмотрена статистика внешнеторговых операций по направлению Россия-Индия, а также ключевые параметры, которые позволяют снизить риск и оптимизировать позицию при торговле фьючерсным контрактом INR-RUB (номер фьючерсного контракта - 3.25). Повышение эффективности использования оптимального коэффициента хеджирования позволяет снизить стоимость использования ликвидности нефинансовых организаций, что способствует увеличению товарообращения между российскими и индийскими компаниями.&#13;
В результате расчета оптимальный коэффициент хеджирования в данном исследований показывает возможности сужения рисков и может быть применен в динамичном формате с моделями, которые будут прогнозировать стоимость базового актива и фьючерсного контракта, используя исторические данные.</p>
   </abstract>
   <trans-abstract xml:lang="en">
    <p>In order to reduce operating costs and maximize value when entering into foreign exchange contracts with India, companies have been turning to classical hedging instruments to reduce their exposure to currency risk. The use of futures contracts based on the rupee-ruble currency pair has become essential for companies since 2025, as it helps them to strengthen their competitiveness and manage emerging risks.&#13;
The purpose of this article is to explore the possibility of optimizing calculations using risk metrics and parameters for short-to-medium term futures contracts. Through analysis of statistical data from the Reserve Bank of India (RBI) on India-Russia trade over the past five years, as well as other sources such as the Moscow Stock Exchange, CBonds, and the Central Bank of the Russian Federation, we have analyzed the dynamics of trade relations and calculated a hedging coefficient to help manage potential currency risk associated with exchange rate fluctuations. This helps to reduce costs for companies when they are concluding contracts with Indian companies. As a result of analyzing scientific and practical literature and statistics on foreign trade operations between Russia and India, key parameters were identified that reduce risk and optimize the position when trading INR-RUB futures contracts (contract number 3.25). By increasing the efficiency of using an optimal hedging ratio, the cost of utilizing the liquidity of non-financial organizations is reduced, contributing to an increase in trade turnover between Russian and Indian companies.&#13;
As a result of the calculation, the optimal hedging ratio in this study shows the possibilities of narrowing risks and can be applied in a dynamic format with models that will predict the value of the underlying asset and futures contract using historical data.</p>
   </trans-abstract>
   <kwd-group xml:lang="ru">
    <kwd>Хеджирование валютного риска</kwd>
    <kwd>индийская рупия</kwd>
    <kwd>риск-параметры</kwd>
    <kwd>риск-инструменты</kwd>
    <kwd>внешнеэкономическая торговля с Индией</kwd>
    <kwd>санкции Индия</kwd>
    <kwd>INR/RUB</kwd>
    <kwd>торговый баланс Россия-Индия</kwd>
    <kwd>хеджирование рупии</kwd>
    <kwd>коэффициент хеджирования.</kwd>
   </kwd-group>
   <kwd-group xml:lang="en">
    <kwd>Currency risk hedging</kwd>
    <kwd>Indian rupee</kwd>
    <kwd>risk parameters</kwd>
    <kwd>risk instruments</kwd>
    <kwd>foreign trade with India</kwd>
    <kwd>Indian sanctions</kwd>
    <kwd>INR/RUB</kwd>
    <kwd>Russian-Indian trade balance</kwd>
    <kwd>rupee hedging</kwd>
    <kwd>hedging ratio.</kwd>
   </kwd-group>
  </article-meta>
 </front>
 <body>
  <p></p>
 </body>
 <back>
  <ref-list>
   <ref id="B1">
    <label>1.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Udo Broll, Peter Welzel &amp; Kit Pong Wong. Hedging and the regret theory of the firm 2023 (pages 259-273) https://ezpro.fa.ru:2059/article/10.1007/s10203-023-00395-0 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Udo Broll, Peter Welzel and Kit Pong Wong. Hedging and the Theory of Firm Regret 2023 (pp. 259-273) https://ezpro.fa.ru:2059/article/10.1007/s10203-023-00395-0 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B2">
    <label>2.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">John Lee, Jow-Ran Chang, Lie-Jane Kao &amp; Cheng-Few Lee. Hedge Ratio Estimation Methods and Their Applications 2023 https://ezpro.fa.ru:2059/chapter/10.1007/978-3-031-14283-3_21 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">John Lee, Joran Chang, Lee-Jane Kao and Cheng-Phyu Lee. Methods for estimating the hedging ratio and their application in 2023 https://ezpro.fa.ru:2059/chapter/10.1007/978-3-031-14283-3_21 (date of publication 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B3">
    <label>3.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Karim Barati, Arshian Sharif &amp; Korhan K. Gökmenoğlu. Hedge Ratio Variation Under Different Energy Market Conditions: New Evidence by Using Quantile–Quantile Approach 2023 https://ezpro.fa.ru:2059/chapter/10.1007/978-3-031-23416-3_1 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Karim Barati, Arshian Sharif and Korhan K. Gökmenoglu. Changes in the hedging ratio under different conditions in the energy market: new data using a quantile approach by 2023 https://ezpro.fa.ru:2059/chapter/10.1007/978-3-031-23416-3_1 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B4">
    <label>4.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Fernanda Maria Müller, Leonardo Teixeira Spindler, Marcelo Brutti Righi. Comparative analysis of risk measures for optimal hedge ratio determination. https://ezpro.fa.ru:2052/science/article/pii/S1544612325000601 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Fernanda Maria Muller, Leonardo Teixeira Spindler, Marcelo Brutti Rigi. Comparative analysis of risk indicators to determine the optimal hedging ratio. https://ezpro.fa.ru:2052/science/article/pii/S1544612325000601 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B5">
    <label>5.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">An Chen, Mitja Stadje, Fangyuan Zhang. On the equivalence between Value-at-Risk- and Expected Shortfall-based risk measures in non-concave optimization https://ezpro.fa.ru:2052/science/article/pii/S0167668724000520 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">An Chen, Mitya Staje, Fangyuan Zhang. On the equivalence between risk estimates based on the assessment of the cost at risk and the expected deficit, when optimizing without concavity https://ezpro.fa.ru:2052/science/article/pii/S0167668724000520 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B6">
    <label>6.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Асатуров К.Г., Теплова Т.В. ПОСТРОЕНИЕ КОЭФФИЦИЕНТОВ ХЕДЖИРОВАНИЯ ДЛЯ ВЫСОКОЛИКВИДНЫХ АКЦИЙ РОССИЙСКОГО РЫНКА НА ОСНОВЕ МОДЕЛЕЙ КЛАССА GARCH https://ezpro.fa.ru:2194/item.asp?id=21439568 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Asaturov K.G., Teplova T.V. BUILDING A STRATEGY FOR THE HIGHLY LIQUID RUSSIAN MARKET BASED ON NEW GARCH CLASS MODELS https://ezpro.fa.ru:2194/item.asp?id=21439568 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B7">
    <label>7.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Калинин А.Т. АДАПТИВНОЕ УПРАВЛЕНИЕ РИСКОМ ПОЗИЦИИ НА ОСНОВЕ ФЬЮЧЕРСНЫХ КОНТРАКТОВ https://ezpro.fa.ru:2194/item.asp?id=23878277 (дата обращения 23.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Kalin A.T. ADAPTIVE MANAGEMENT OF THE SALES MARKET IN THE MAIN MARKETS. https://ezpro.fa.ru:2194/item.asp?id=23878277 (accessed 02/23/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B8">
    <label>8.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Oussama Belhouari, Griselda Deelstra &amp; Pierre Devolder. Hybrid life insurance valuation based on a new standard deviation premium principle in a stochastic interest rate framework https://ezpro.fa.ru:2059/article/10.1007/s13385-024-00396-2 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Osama Belhuari, Griselda Dilstra and Pierre Devolder. Estimation of the cost of hybrid life insurance based on the new principle of calculating the premium for the standard deviation within the stochastic interest rate https://ezpro.fa.ru:2059/article/10.1007/s13385-024-00396-2 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B9">
    <label>9.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">James S. Ang, Gwoduan David Jou &amp; Tsong-Yue Lai. A Comparison of Formulas to Compute Implied Standard Deviation https://ezpro.fa.ru:2059/referenceworkentry/10.1007/978-3-030-91231-4_65 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">James S. Eng, Gwoduan, David Zhou, and Tsong-Yue Lai. Comparison of formulas for calculating the implied standard deviation https://ezpro.fa.ru:2059/referenceworkentry/10.1007/978-3-030-91231-4_65 (publication date 02/24/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B10">
    <label>10.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Khorshidi E., Ghezavati V.R. APPLICATION OF MATHEMATICAL MODELING VALUE-AT-RISK (VAR) TO OPTIMIZE DECISION MAKING IN DISTRIBUTION NETWORKS https://ezpro.fa.ru:2194/item.asp?id=53422904 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Khorshidi E., Gezavati V.R. APPLICATION OF MATHEMATICAL MODELING OF VALUE-AT-RISK (VAR) TO OPTIMIZE DECISION-MAKING IN DISTRIBUTION NETWORKS https://ezpro.fa.ru:2194/item.asp?id=53422904 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B11">
    <label>11.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Поливач А.П. РУПИЯ ПРОТИВ МИРОВЫХ РЕЗЕРВНЫХ ВАЛЮТ В РОССИЙСКО-ИНДИЙСКОЙ ТОРГОВЛЕ https://ezpro.fa.ru:2194/item.asp?id=67353315 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Polivach A.P. A COMPANY CREATING A global revolutionary JACK IN RUSSIAN-INDIAN TRADE https://ezpro.fa.ru:2194/item.asp?id=67353315 (accessed 02/24/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B12">
    <label>12.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">ЖАРИКОВ М.В. ВОПРОСЫ ИНТЕРНАЦИОНАЛИЗАЦИИ ИНДИЙСКОЙ РУПИИ https://ezpro.fa.ru:2194/item.asp?id=26415702 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">ZHARIKOV M.V. ISSUES OF INTERNATIONALIZATION OF THE INDIAN COMPANY. https://ezpro.fa.ru:2194/item.asp?id=26415702 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B13">
    <label>13.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">ГАЛИЩЕВА Н.В. ВАЛЮТНАЯ ПОЛИТИКА В СИСТЕМЕ ГОСУДАРСТВЕННОГО РЕГУЛИРОВАНИЯ ЭКОНОМИКИ ИНДИИ https://ezpro.fa.ru:2194/item.asp?id=23565092 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">GALICHEVA N.V. STATE POLICY IN THE SYSTEM OF STATE REGULATION OF THE ECONOMY https://ezpro.fa.ru:2194/item.asp?id=23565092 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B14">
    <label>14.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Куликова И.В., Украинцева И.В., Рощина Л.Н. РАЗВИТИЕ ЭКОНОМИЧЕСКИХ ОТНОШЕНИЙ РОССИИ С КИТАЕМ И ИНДИЕЙ: ПЕРСПЕКТИВЫ И ПРОГНОЗЫ https://ezpro.fa.ru:2194/item.asp?id=54765682 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Kulikova I.V., Ukrantseva I.V., Rokhina L.N. DEVELOPMENT OF AUTONOMOUS RUSSIA WITH CHINA AND INDIA: EXPERIMENTS AND PROSPECTS. https://ezpro.fa.ru:2194/item.asp?id=54765682 (accessed 02/24/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B15">
    <label>15.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">ГУРЬЕВА В.Д. РАЗВИТИЕ РУБЛЕВОГО ЦЕНООБРАЗОВАНИЯ ВО ВНЕШНЕЙ ТОРГОВЛЕ РОССИИ И ИНДИИ https://ezpro.fa.ru:2194/item.asp?id=53875632 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">GURYEVA V.D. THE DEVELOPMENT OF RUBLE PRODUCTION IN THE FOREIGN TRADE OF RUSSIA AND INDIA. https://ezpro.fa.ru:2194/item.asp?id=53875632 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B16">
    <label>16.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">ДЕГТЯРЕВА О.И. https://ezpro.fa.ru:2194/item.asp?id=30046939 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">DEGTYAREVA O.I. https://ezpro.fa.ru:2194/item.asp?id=30046939 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B17">
    <label>17.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Krati Sethi, Manas Roy. Digital Currency: The Role of World Trade with Reference to India https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-4810-5_9 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Krati Seti, Manas Roy. Digital Currency: The Role of Global Trade in relation to India https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-4810-5_9 (accessed 02/24/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B18">
    <label>18.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">J. Peter Leo Deepak, Yavana Rani Subramanian. Optimum Level of Currency Reserves: Investigation and Forecasting of Indian Rupee Using ARIMA Model https://ezpro.fa.ru:2059/article/10.1007/s41549-023-00091-3 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">J. Peter Leo Deepak, Javana Rani Subramanian. Optimal level of foreign exchange reserves: research and forecasting of the Indian Rupee exchange rate using the ARIMA model https://ezpro.fa.ru:2059/article/10.1007/s41549-023-00091-3 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B19">
    <label>19.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Soumik Gangopadhyay, Saugat Ghosh, Suchana Roy, Saptaparni Dhol &amp; Aryan Deb. https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-4810-5_10 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Sumik Gangopadhyay, Saugat Ghosh, Suchana Roy, Saptaparni Dhol and Aryan Deb. https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-4810-5_10 (date of publication 02/24/2025)</mixed-citation>
    </citation-alternatives>
   </ref>
   <ref id="B20">
    <label>20.</label>
    <citation-alternatives>
     <mixed-citation xml:lang="ru">Sergey Lunev. Russia and India: Changes in the Bilateral Relations over Past Decades https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-5392-5_15 (дата обращения 24.02.2025)</mixed-citation>
     <mixed-citation xml:lang="en">Sergey Lunev. Russia and India: changes in bilateral relations over the past decades https://ezpro.fa.ru:2059/chapter/10.1007/978-981-97-5392-5_15 (accessed 24.02.2025)</mixed-citation>
    </citation-alternatives>
   </ref>
  </ref-list>
 </back>
</article>
