Payments and Foreign Exchange Regulation under the Sanctions Regime: Legal Aspect

Abstract

The modern realities of business structures are characterized by extremely difficult conditions due to the restric-tive economic measures imposed by Western countries on the Russian Federation as a sign of non-acceptance of its foreign economic paradigm. The study outlines areas for improvement of the Russian financial system on the basis of the analysis of the sanctions imposed and their impact on the possibility of cross-border payments. The legal aspects of the regulation of digital assets are considered through the prism of Russian and foreign legislation, the advantages of their use and legalization as a payment instrument are highlighted. It is proposed to create a special economic zone for the implementation of digital currency settlements using tokens. In conclusion, this form of payment organization allows to apply an experimental legal regime, to develop pro-prietary mechanisms of admission to the market of digital currencies and tokens, taking into account all the functioning features of the international financial center.