Current approaches to the formation of the legal foundations of domestic exchange control

Aim. The presented study aims to substantiate approaches to the formation of the legal foundations of domestic exchange control based on the relevant features of currency relations.
Tasks. The authors analyze currency relations to identify their distinctive features as monetary relations that are being formed and developing in the transboundary sphere. Based on the results of the analysis of currency relations, the authors develop initial positions for the formation of relevant legal foundations of domestic exchange control: provisions establishing the content of the basic concepts regulating the sphere of legal regulation and establishing the principles of exchange control as requirements to the norms of currency legislation.
Methods. This study uses general scientific methods of cognition in various aspects to describe approaches to the formation of the legal foundations of exchange control for the purpose of establishing an up-to-date legal regulator of exchange transactions.
Results. Analysis of the relevant provisions of Section VI of the Civil Code of the Russian Federation and Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control makes it possible to substantiate: the objective necessity of forming a conceptual framework for currency legislation as demanded by legal reality; the essential features of  current currency relations; approaches to the formation of the major principles of exchange control as requirements for a system of norms for exchange control; major principles of exchange control: recognition and application of foreign currency legislation as applicable law, a clause on the limits of application of foreign monetary law, autonomy of will, dominance of economic control methods, exclusion of unjustified non-interference of the state in the regulation of transboundary currency transactions.
Conclusions. The actual subject of currency regulation is monetary relations complicated by  a  foreign element as a set of public and private relations regarding the possession, use, and   disposal of currency values, national currency, and national domestic securities, the use of national and foreign currency as a means of payment, means of circulation, means of accumulation.

1. On currency regulation and currency control. Federal law of December 10, 2003 No. 173-FZ. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_45458/ (accessed on 20.06.2021). (In Russ.).

2. On the application of the norms of private international law by the courts of the Russian Federation. Resolution of the Plenum of the Supreme Court of the Russian Federation of July 9, 2019 No. 24. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_328771/ (accessed on 20.06.2021). (In Russ.).

3. On the Central Bank of the Russian Federation (Bank of Russia). Federal Law No. 86-FZ of July 10, 2002. ConsultantPlus. URL: https://www.consultant.ru/document/cons_doc_LAW_37570/ (accessed on 15.05.2021). (In Russ.).

4. On the Government of the Russian Federation. Federal constitutional law of November 6, 2020 No. 4-FKZ. ConsultantPlus. URL: https://online3.consultant.ru/cgi/online.cgi?req=card&rnd=E64168E2897F5784DF6A0026CDDFB4C9&page=splus&ts=3ICqEpSK6mrbogTn3 (accessed on 23.06.2021). (In Russ.).

5. On the Ministry of Finance of the Russian Federation. Decree of the Government of the Russian Federation of June 30, 2004 No. 329. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_48609/ (accessed on 19.05.2021). (In Russ.).

6. Issues of the Ministry of Finance of the Russian Federation. Decree of the Government of the Russian Federation of April 7, 2004 No. 185. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_47368/ (accessed on 23.05.2021). (In Russ.).

7. Articles of the Agreement of the International Monetary Fund. Adopted on July 22, 1944 in Bretton Woods, New Hampshire (USA) (as amended and supplemented as of 15.12.2010). Online.zakon.kz. URL: https://online.zakon.kz/Document/?doc_id=1011364 (accessed on 17.07.2021).

8. System of national accounts 2008. New York: UN; 2009. 722 p. URL: https://unstats.un.org/unsd/nationalaccount/docs/SNA2008.pdf (Russ. ed.: Sistema natsional’nykh schetov 2008. Moscow: Interstate Statistical Committee of the CIS; 2012. 827 p. URL: https://unstats.un.org/unsd/nationalaccount/docs/sna2008russian.pdf).

9. The special data dissemination standard: Guide for subscribers and users. Washington, DC: International Monetary Fund; 2007. 92 p. URL: https://www.imf.org/external/pubs/ft/sdds/guide/2007/eng/sddsguide.pdf (Russ. ed.: Spetsial’nyi standart rasprostraneniya dannykh: rukovodstvo dlya podpischikov i pol’zovatelei. Washington, DC: International Monetary Fund; 2007. 94 p.).

10. Balance of payments and international investment position manual. Washington, DC: International Monetary Fund; 2009. 371 p. URL: https://www.imf.org/external/pubs/ft/bop/2007/pdf/bpm6.pdf (Russ. ed.: Rukovodstvo po platezhnomu balansu i mezhdunarodnoi investitsionnoi pozitsii. Washington, DC: International Monetary Fund; 2012. 463 p. URL: https://www.imf.org/external/russian/pubs/ft/bop/2007/bopman6r.pdf).

11. Uniform customs and practice for documentary credits (UCP 600). International Chamber of Commerce Publication No. 600 (as revised in 2007). ConsultantPlus. URL: http://www.consultant.ru/law/podborki/publikaciya_mezhdunarodnoj_torgovoj_palaty_%25E2%2584%2596_600/ (accessed on 12.06.2021). (In Russ.).

12. Unified rules for Collection. International Chamber of Commerce Publication No. 522 (as revised in 1995). ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_9744/(accessed on 12.06.2021). (In Russ.).

13. On the accession of the Russian Federation to the International Monetary Fund, the International Bank for Reconstruction and Development and the International Development Association. Resolution of the Supreme Council of the Russian Federation of May 22, 1992 No. 2815-1 (as amended on November 3, 2010). ConsultantPlus. URL: https://online3.consultant.ru/cgi/online.cgi?req=doc&base=LAW&n=106397#08888490185503604 (accessed on 15.05.2021). (In Russ.).

14. The procedure for developing the methodology for compiling national accounts and its approval. Approved by the Order of the Federal State Statistics Service dated June 30, 2014 No. 457. ConsultantPlus. URL: https://online3.consultant.ru/cgi/online.cgi?req=doc&base=LAW&n=331914#E0UwEpSNmEyEQNZB (accessed on 15.05.2021). (In Russ.).

15. On the accession of the Russian Federation to the IMF Special Data Dissemination Standard. Decree of the Government of the Russian Federation of September 25, 1997 No. 1226. URL: https://docs.cntd.ru/document/9049368 (In Russ.).

16. On the procedure for developing and presenting the balance of payments of the Russian Federation. Decree of the Government of the Russian Federation of July 18, 1994 No. 849. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_4227/ (accessed on 15.05.2021). (In Russ.).

17. On measures to ensure the transition to the convertibility of the ruble. Decree of the President of the Russian Federation of May 16, 1996 No. 721. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_10391/ (accessed on 15.05.2021). (In Russ.).

18. On approval of the Regulations on the procedure for conducting certain types of foreign exchange transactions in the Russian Federation and on accounting and reporting on certain types of foreign exchange transactions. Order of the Central Bank of Russia dated April 24, 1996 No. 02-94. ConsultantPlus. URL: http://www.consultant.ru/document/cons_doc_LAW_10498/5fbb4ad5e80c884d5c35bafc86e4b5d8a083bf28/ (accessed on 15.05.2021). (In Russ.).

19. On the procedure for residents and non-residents to submit supporting documents and information to authorized banks when carrying out foreign exchange transactions, on uniform forms of accounting and reporting on foreign exchange transactions, the procedure and deadlines for their submission. Bank of Russia Instruction No. 181-I dated August 16, 2017 (as amended by 05.07.2018). ConsultantPlus. URL: https://www.consultant.ru/document/cons_doc_LAW_282089/ (accessed on 19.06.2021). (In Russ.).

20. On the procedure for the establishment by authorized banks of correspondent relations with non-resident banks registered in states and territories that provide a preferential tax regime and (or) do not provide for the disclosure and provision of information when conducting financial transactions (offshore zones). Instruction of the Bank of Russia dated August 7, 2003 No. 1317-U (as amended on February 18, 2014). Garant.ru. URL: https://base.garant.ru/12132411/ (accessed on 19.06.2021). (In Russ.).