Freezing of External Assets of the Russian Federation as a Force Majeure

Because of the geopolitical situation aggravation in 2022 numerous sanctions were adopted against the Russian Federation. Most of the restrictions were imposed on the Russian financial (banking) system. One of the most significant restrictions was the blocking of assets of the Russian Federation and the impossibility of conducting transactions from government accounts in foreign banks. This article analyzes the issue whether restrictive measures introduced by a foreign state can be qualified as force majeure. To stabilize the process of servicing Russian state debt, a number of laws and regulations were implemented, the provisions of which are also discussed in the article.