General Organisational and Legal Aspects of International Payments and Settlements

The ever-increasing complexity of the techniques and organisation of international payment and settlement transactions has also affected the position of international law in this area and led to increase of relations in regards to international payments and settlements that are beyond regulation of international law. The article examines the role of international law in the regulation of payments and settlements of an international character as well as its interaction with other regulatory complexes applicable in this field.The study aims to deepen the relationship between international payment and settlement relations and general international law. The objectives of the paper are to analyse the main aspects of universal regulations in the field of international payments and settlements, as well as the interaction of international law with the rules of other systems applicable to international payment and settlement. The following methods are mainly used in the study: functional, formal-legal, and system-structural analysis. According to the results of the study, the following are highlighted as the main aspects of universal regulation of international payments and settlements: prohibition of manipulation of the world monetary system; mechanisms for restoring balance of payments and foreign exchange reserves of states; elimination of restrictions on current transactions. The paper also points out certain shortcomings of the universal international legal regulation of international payments and settlements, the elimination of which requires a more equitable representation of states in decision-making within the framework of the International Monetary Fund.