Issues of the Impact of Sanctions on the Rights of Consumers of Financial Services

Abstract

The article is devoted to the study of the impact of sanctions on the state of protection of the rights of consumers of financial services in Russia. The author proves that sanctions necessitate the adaptation of legislation and the banking system to maintain its financial stability and protect the rights and interests of consumers of financial services. The article considers measures of state support, as well as legislative decisions adopted for these purposes, affecting the indebtedness of citizens and the right to dispose of deposits in foreign currency. The impact of sanctions restrictions on the provision of digital financial services is revealed. The author proves that the measures taken by the legislator and the Bank of Russia can be assessed positively, since, firstly, they allowed maintaining financial and price stability, and secondly, ensuring the stability of financial institutions and their ability to provide basic financial services to citizens, despite the imposed sanctions. The author proposes a number of measures to further improve the system of protecting the rights of citizens in the financial market under the current restrictive measures.