Public Law Regulation of Currency Transactions in the context of the Counter-Sanctions Regime

The paper examines amendments in public law regulation of currency transactions in the Russian Federation related to the formation of a counter-sanctions legal regime. Special attention is paid to new opportunities for cross-border settlements related to foreign economic activity and law enforcement practices implemented by government agencies of the Russian Federation in the face of unfriendly actions by foreign States. The paper highlights the role of a new independent institution, namely, currency monitoring. The final part examines the consequences of the introduction of special mechanisms aimed to protect Russian national interests in the face of sanctions. It is noted that novelties in Russian legislation, as well as modern approaches of Russian researchers to issues of public law regulation of currency relations in general, form fundamentally new legal mechanisms for protecting national interests in the context of tightening sanctions pressure from unfriendly countries, primarily in foreign economic activity.

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