Formation of an Effective System of Currency Regulation and Control in Russia

Abstract

In the course of the conducted research, specific problems of the system of currency regulation and control related to negative trends in the Russian foreign exchange market in modern realities have been identified. Based on the evolution of the global and domestic system of currency regulation and control, trends and priority directions of its development have been identifi ed. Measures have been formulated to improve the system of currency regulation and control and increase their effectiveness, which can be used to develop drafts of existing regulatory legal acts and to form the main directions of monetary policy in our country. The categorical apparatus of currency issues has been supplemented on the basis of a comprehensive review of the system of currency control and currency regulation from various points of view. The concepts of "currency control", "currency regulation" and "currency off ense" have been clarifi ed. The consolidation of the basic concepts at the legislative level,the introduction of a currency monitoring system will minimize the number of currency violations and reduce labor costs when working out violations. The study confirmed the need to develop alternative channels of work in connection with the shutdown of the SWIFT system and the promotion of integration processes within the EAEU, which will eliminate many economic risks and ensure Russia’s resistance to sanctions. The proposed innovations will help to develop foreign economic relations between the countries more efficiently, dynamically and qualitatively.