Abandonment of “Toxic” Currencies and Financial Law Development Prospects

On the eve of the BRICS summit in Kazan, chaired by Russia, the author of the article raises issues related to the development of interbank cooperation, the expansion of the use of national currencies in mutual trade, and cooperation in the payment sector. In the context of deepening the process of devaluing the domestic economy, attention is drawn to a special financial and legal mechanism for the mandatory sale by Russian exporters of part of foreign exchange earnings in the domestic foreign exchange market, as well as increasing the attractiveness of ruble assets in the context of the tight monetary policy of the Bank of Russia. The author comes to the conclusion that, given the continuing tendency to abandon the use of «toxic» currencies, financial legislation requires transformation in terms of the structure of international reserves, the metrics used in the budget rule, the mineral extraction tax, state external borrowing programs and state guarantees.