The Role of the Judiciary in Ensuring Integrity and Strengthening of the Financial System of the Russian Federation

Abstract

In the circumstances of the global financial and economic crisis, instability of the international financial system, imposition of economic and financial sanctions on the Russian Federation by Western countries the purpose of which is to destabilize the Russian financial system, lack of clear and consistent domestic financial legislation, it seems necessary to adapt the financial system of the Russian Federation to new realities in order to exclude a negative impact on its development. One of the priorities of government is the formation of effective means and methods of protecting the financial system of the Russian Federation from external actions and from potential internal contradictions. In the conditions of a legal vacuum, the importance of the activities of law enforcement entities in ensuring integrity and strengthening of the financial system increases. Law enforcement entities include courts, the hierarchy of which is headed by the Supreme Court of the Russian Federation. Eliminating of the lacunarity of law has a multidimensional character, since it consists in eliminating the legal errors of the courts of the lower level of the judicial system of the Russian Federation, as well as in identifying problems in the application of contradictory financial, administrative, civil, anti-corruption legislation. In turn, such definitions as «finance» and «financial system» require generalization and formation of uniform judicial legal positions in the relations under consideration and, as a consequence, their formulation in regulatory legal acts. Based on the analysis of judicial practice, taking into account the importance of the mechanism of judicial protection of the rights of participants of financial relations and using the experience of foreign countries in the creation and functioning of financial courts, the author substantiates the promising nature of borrowing positive foreign experience and the need to form a system of financial courts in the Russian Federation