FinTech and Law: Digital Technologies and Financial Security

As Russia comes under unprecedented sanctions, issues surrounding national security have come to the fore. Today, no other country has come under more sanctions than Russia (7,374 as of 1 May 2022). Western nations have made no secret of the fact that these sanctions are in part intended to put Russia at a technological disadvantage across all areas of the economy. And the biggest restrictions have been those placed on the financial system. A range of Russian banks have been disconnected from SWIFT, two of the world’s biggest payment systems – Visa and Mastercard – have ceased operation, and Apple Pay and Google Pay no longer serve Russian customers. These are the most heavily publicized examples, but by no means serve as an exhaustive list of the consequences arising from the geopolitical standoff between Russia and the West. What are the aims and objectives of the further digitalization of the financial sector? How effective is government policy and the Bank of Russia in supporting the technological development of the financial market? What are the prospects for using digital financial technologies as part of Russia’s counter-sanctions policy? What does the future hold for the country’s digital currency?