External Debt Claims of the Russian Federation: Peculiarities of Legal Regulation

Abstract

In financial legal relationships between States, relationships concerning provision of temporarily available funds for loans are well developed, which implies that one party has a debt, and the other party has a loan. The Russian Federation has external debt claims against other States because of the provision of financial and export credits regulated by budget legislation and relevant intergovernmental agreements. As a result of the study, the following conclusions were made: a) the domestic legislator imposes certain economic and political requirements on the potential borrower State, which allow us to conclude about its financial stability and solvency, as well as about the absence of involvement in any conflicts; b) information on public lending programs in relation to foreign countries is set forth in appendices to the federal budget law for a certain period on the terms of the secrecy order; c) international financial organizations, in particular the World Bank, publish information on lending to developing countries, including the Russian Federation; d) the most active borrowers from Russia are Belarus and a number of countries in Africa and Asia, including those States that preserved their borrower status from the Soviet period.