Legal mechanisms for countering sanctions imposed against the financial market

Abstract

In 2022, Russia faced unprecedented sanctions pressure from unfriendly states, when more than ten thousand sanctions in total were imposed almost simultaneously against both Russian legal entities and citizens of the Russian Federation. In the financial sector, the Bank of Russia, as well as the largest credit institutions, both with state participation and completely private ones, have been sanctioned. At the same time, the measures taken by the President of the Russian Federation, the Government of the Russian Federation and the Bank of Russia let stabilize the situation quickly. The article analyzes the main measures which have been taken in the Russian Federation to counter sanctions imposed against the financial market and which allowed to stabilize the situation in the financial sector in the shortest possible time.