Banking System of the Russian Federation: Theoretical and Practical Issues of Ensuring the financial Sovereignty of the State

Abstract

This work is devoted to two main issues: understanding the category of “sovereignty” and the role of the banking system in ensuring the financial sovereignty of Russia. Based on the analysis of doctrinal sources, including past historical eras, sovereignty is considered not only as a constitutional and legal institution, but as a general legal institution as a whole. The types of sovereignty presented in the literature are examined and the question is raised about the need to achieve terminological certainty, a conclusion is made about the possibility of the existence of only such an integral part of state sovereignty as economic, including financial sovereignty, which is understood as the financial security of the state from external and internal threats. The issues of ensuring financial sovereignty in relation to the functioning of the Russian banking system are explored. It is proposed to enshrine financial sovereignty in legislation as a principle — a norm of the banking system. It is stated that the condition for ensuring financial sovereignty is the resolution of a number of internal problems, which include the formation of trust in the banking system, financial fraud, and unfair practices. Important issues are building an effective banking system and systematizing banking legislation.