Legal regulation of financial services under the conditions of accession of Russia to the World Trade Organization

Abstract

Nowadays the problem of bilateral trade’s regulation of certain types of services in the context of Russia's accession to the World Trade Organization (WTO) is a problem of current importance. This is due to the fact that recently joined organizations because of their have little experience of interaction with the rules of the world trading system and do not have enough time to adapt to the commitments they have made. One of such sectors is financial services. In order to minimize such incidents, the Russian Federation needs to systematize its obligations and to identify those bilateral relations that are contrary to WTO rules. The aim of this article is to determine the optimal legal position of the Russian Federation in the sphere of trade in financial services in the con-text of WTO membership. Two models financial markets’ liberalization were analyzed in the context of the functioning of the WTO. Incurrence covenants of financial services of Russia as a member of this organization were investigated, as well as problems of financial sector’s legal regulation of Russia under the conditions of the sanction regime