Financial Legal Aspects of the Use of Digital Tools in International Settlements

In the context of sanctions pressure on the Russian Federation, active search for alternative mechanisms for carrying out international settlements outside the use of the banking system is needed. In the article the problems and prospects for the use of such digital instruments as digital rights (digital financial assets, utilitarian digital rights), digital currency and digital ruble for international settlements are analyzed. The changes that came into force in March 2024, which allowed the use of digital financial assets and utilitarian digital rights for international settlements, are analyzed. The main problems and risks of the use of digital currencies (cryptocurrencies) for international settlements have been considered. An analysis of possible ways to start international settlements in central bank digital currencies was carried out. In this study, the following methods were used: analysis, synthesis, deduction, induction, formal legal method. Based on the results of the study on the use of digital tools as alternative mechanisms for international settlements in the face of sanctions pressure, it was found that mechanisms with a lower level of risk are international settlements using central bank digital currencies and digital rights (digital financial assets and utilitarian digital rights). It was proposed to develop a mechanism that allows international settlements using foreign digital financial assets to increase the attractiveness of an alternative settlement tool for non-residents. It was established that the emergence of the possibility of making international settlements using digital financial assets and utilitarian digital rights will entail the need to improve the rules for currency control over such transactions. The legal regime for the use of cryptocurrencies for international settlements should provide detailed conditions for its use by most exporters and importers, which will allow it to be used as an alternative mechanism for settlements in the context of economic sanctions.