Countering Anti-Russian Sanctions in Payment and Currency Fields

Abstract

The paper is devoted to the study of anti-Russian sanctions imposed by the United States of America and foreign states and international organizations that have joined them, as well as the analysis of measures aimed at countering unfriendly actions undertaken against the monetary system of the Russian Federation. The paper examines the historical aspects of the anti-Russian policy of Western countries, analyzes provisions of regulatory legal acts and other official documents adopted by the United States and the countries of the European Union, aimed at destabilizing payment and currency relations in Russia. The authors investigate the counter-sanctions policy and measures aimed at ensuring the stability of the Russian monetary system in general and the national payment system in particular. It is concluded that the use of the dollar and the euro as a weapon of sanctions war, the practice of confiscating reserves and assets of countries pursuing policies that do not correspond to the interests of the United States and dependent states, restricting access of financial institutions of “rogue countries” to American and European financial resources, disconnecting credit institutions from SWIFT, and other sanctions inevitably lead to the formation of a parallel international financial system, of which a fundamentally new international monetary system will become a part.