The article examines the problem of the institutional transformation of the investment model of the Russian economy under conditions of macroeconomic instability and severe sanctions restrictions. The conducted analysis reveals that existing mechanisms (Agreements on the Protection and Promotion of Capital Investments, offset contracts) are primarily oriented towards supporting capital-intensive industries and create institutional barriers to the development of the «knowledge economy». The scientific novelty of the research lies in substantiating the need for a transition of state policy from a «cost compensation» paradigm to a «risk management»» paradigm through a system of institutional guarantees. The authors propose a two-level regulation model, including the creation of a Federal Demand Aggregator Operator to consolidate government orders and the introduction of a special «technological track» into the SZPK mechanism, allowing for the stimulation of investments in intangible assets. It is demonstrated that the implementation of these measures can reduce the discount rate for high-tech projects by 3-4 percentage points and increase their NPV by 15-20% without direct budget subsidies, creating a foundation for achieving technological sovereignty.