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Currency Control and Special Economic Measures of the Russian Federation in the Context of Sanctions Pressure

Student: Karavaytsev Ilya

Supervisor: Vladislav Ponamorenko

Faculty: Higher School of Law and Administration

Educational Programme: Lawyer on the Global Financial Market (Master)

Year of Graduation: 2024

The aim of this study is to analyze the legal regulation of currency control and the application of special economic measures in Russia under sanction pressure. The object of the study includes legal relationships arising in the process of implementing currency control and applying special economic measures within the framework of counter-sanction actions. The subject of the study is the analysis of legislative norms and practices, as well as their impact on participants in foreign economic activity and judicial practice. The research employs a comprehensive approach, integrating various legal and economic methods of analysis, including comparative analysis, the systems method, and the method of legal modeling. The results of the study indicate that current mechanisms of currency control and special economic measures in Russia are imperfect and complicate foreign economic activity. Most studies focus on describing the imposed restrictions and prohibitions within the framework of counter-sanction interactions, while existing problems that actually regulate the current situation and complicate foreign economic activity often remain overlooked. The study revealed discrepancies in judicial practice and a lack of uniformity in law enforcement, creating additional difficulties for participants in foreign economic activity. Judges and practicing lawyers face issues interpreting legislative norms, leading to ambiguous decisions and exacerbating legal inconsistencies. The study emphasizes the need for legislative amendments and the improvement of legal mechanisms to enhance currency control and special economic measures in Russia. This work consists of an introduction, three chapters, and a conclusion. The introduction addresses the object, subject, and method of the study, defining the main concepts. The first chapter describes the degree of development of the topic, examines the main concepts and functions of currency control and special economic measures, and highlights the high relevance of the topic. The second chapter provides a theoretical review, analyzes contradictions, and develops a methodology for evaluating effectiveness. The third chapter proposes solutions to identified problems. The conclusion summarizes the results of the work, identifying the main problems and their solutions. Keywords: currency control, special economic measures, sanction pressure, legal regulation, foreign economic activity, judicial practice, Russia.

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