The Legal Regulation of Cash Settlements under International Trade Contracts in the Contemporary Context

The paper examines the specifics of legal regulation of cash settlements under foreign-trade contracts in the context of sanctions imposed by unfriendly states. It is established that, owing to artificially created sanctions, the legislation on foreign-exchange regulation and foreign-exchange control in the Russian Federation has implemented a system of international cash settlements running parallel to the primary legal regime. It is determined that the compelled authorization of this form of settlement has led to systemic changes in the fundamental principles of currency regulation and currency control. In effect, two systems of legal regulation of currency settlements are emerging, and the institution of customs declaration of cash proceeds under foreign trade contracts is becoming a mandatory element of the currency settlement framework. The author concludes that a new paradigm has emerged characterized by the coexistence of two systems of foreign-exchange regulation in general and, more specifically, by a duality in the system of sources of financial law.