Monetary Regulation and Foreign Exchange Control in Private International Law

The paper deals with the fundamental issues of legislation on currency regulation and currency control, analyzes the judicial practice of the norms of this branch of legislation, as well as the role of currency restrictions for international private relationships and their civil law consequences. Special attention is paid to the analysis of international currency regulation and comparative study of the legislation on currency regulation of the CIS countries. First of all, the emphasis was placed on the analysis of such concepts as currency asset and currency transaction. The author identified the key features of a currency transaction and proposed his own definition of this term. Part of the work is devoted to the legal nature and analysis of the consequences of currency restrictions in the form of restrictions on the implementation of currency transactions. Within the framework of the work, the author came to the conclusion that there is no possibility of invalidating transactions on the basis of their contradiction to the Law "On Currency Regulation and Currency Control" due to the rather narrowed scope of restrictions in comparison with the previous Russian law. The author also draws conclusions about the impact, role and trends in the development of the requirement for the repatriation of foreign currency earnings. These conclusions relate to the fact that the requirement does not fulfill its functions for the purposes of currency regulation and, as a result, creates unjustified restrictions in foreign economic activity. The author also identified general patterns and trends in the development of currency legislation based on the study of international acts in this area and conducted a comparative analysis.