Measures to Counter Economic Sanctions that Impede International Settlements: Financial and Legal Aspects

The article analyzes the effects of the 2022–2024 sanctions on international settlements practices, countermeasures and stabilization efforts, and proposes improvements to domestic legislation and EAEU law to ensure the economic security of the country and the Union, as well as to protect the interests of foreign trade participants. While sharing scholars’ view on the necessity of establishing a special currency regime in economic emergencies within currency legislation, the author emphasizes the mutual influence of currency regulations on state-controlled foreign trade and EAEU law, which should be reflected in the provisions of such a special regime. The boundaries of the new regional supranational financial market are being shaped under the influence of restrictions, while domestic legislation — including mutual trade payment regulations — is evolving in response to digitalization challenges. The following measures will contribute to economic security and the protection of foreign trade participants engaged in international settlements: Elimination of any influence of unfriendly actors on strategically critical financial market infrastructure; Cooperation between EAEU states and other regional financial market participants in the circulation of digital financial assets (DFAs) and the use of national digital currencies in mutual settlements, which should be reflected in EAEU law, as well as in agreements within the SCO and BRICS frameworks and in federal legislation; Establishment of a supranational payment system and a financial messaging system (SPFS), with potential integration of new financial market players.

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