The legal status and the role of the Bank of Russia in providing economic sovereignity of the Russian Federation

Abstract

The Bank of Russia is the legal entity which, apart of the other organs of state authorities, acts as the organ of state governing with remarkable role in exibiting the functions of Russian state and insufficiently precisely determined status in accordance to the state authorities and law entities. In this work the investigation is directed to the relationship between the legal position of the Bank of Russia and its role in providing the economic sovereignty of the Russian Federation. The aim of the work is to explore the legal position of main bank in monetary system and its role in providing the economic sovereignty of the Russian Federation on the basis of systematization and reliable literature source norm analysis, applying the comparative-law method, as well as the method of legal exegesis and content analysis. The results of survey imply to the presence of different attitudes to the legal position of the Bank of Russia. Insufficiently determined legal position of the Bank of Russia brings to disballance of measures and activities of executive authorities and the Bank of Russia, which has a negative influence on providing the full economic sovereignty, self-developement of the country and greater social benefits, in spite of the fact that the Bank of Russia is mostly independent from the state authorities having a comfortable position in civil transit affairs.