Currency Regulation as a Tool to Secure the State Sovereignty of the Russian Federation in the context of Global Challenges

Abstract

The paper is devoted to the study of the transformation of the currency regulation of the Russian Federation in the context of countering international financial sanctions imposed on Russia by the United States and other unfriendly states and international organizations. Based on the results of the study, the paper identifies the main tasks of currency regulation at the present stage of historical development. It is proved that the provisions of federal laws No. 281-FZ dated 130 December 2006 «On Special Economic Measures and Coercive Measures», No. 390-FZ dated 28 December 2010 «On Security» and No. 127-FZ dated 6 April 2018 «On Measures of influence (Counteraction) the unfriendly actions of the United States of America and other foreign states», on the basis of which currency restrictions are established, can be attributed to currency legislation within their relevant parts. It is noted that to date, subordinate regulatory legal acts (primarily of the President of the Russian Federation) have begun to play a leading role in the legal regulation of currency relations. It is concluded that it is necessary to find a balance between public and private interests in the process of regulating currency relations. The author substantiates the necessity of adopting a new basic law consolidating the foundations of currency regulation and currency control.