title: The impact of foreign economic sanctions on commercial contracts
metadata.name: dc.contributor.author
metadata.value: Fonotova, Olga V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Ukolova, Maria D.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2022-12-29T19:14:26Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2022-12-29T19:14:26Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2022-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Fonotova, Olga V., Maria D. Ukolova. 2022. “The impact of foreign economic sanctions on commercial contracts”. Vestnik of Saint Petersburg University. Law 4: 963–974. https://doi.org/10.21638/spbu14.2022.408
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu14.2022.408
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/38790
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Foreign economic sanctions were in the focus of domestic lawyers’ attention for half a dozen
  years. The new legal regime for persons directly or indirectly involved in sanctioned cross-border
  commercial activities has been studied in science mainly in the context of public law, and — in
  the applied aspect — through the prism of compliance procedures. However, no less important
  is the problem of sanctions regulation in its embodiment in the private law instruments of
  contract law. The purpose of the study is to summarize and analyze the effectiveness of the
  accumulated practice of the use of pre-contractual and contractual mechanisms to manage
  the risks caused by foreign restrictive measures. To achieve the goal, general scientific methods
  of analysis, synthesis, generalization, as well as the comparative legal method and approaches
  of economic and empirical analysis of law are used. Following the presentation of the leading
  approaches of the Russian state courts to the legal qualification of economic sanctions, the
  most promising options to manage the risks of sanctions for business at the pre-contractual
  and contractual stages are studied. In line with best business practices, pre-contractual
  mechanisms of compliance procedures (external and internal compliance) as well as contractual
  ways to mitigate sanctions risks proved to be the most effective for alleviation of the sanctions
  burden. Both sets of measures are developed and introduced into the daily routine by business
  participants themselves. Contractual regulation makes a decisive contribution to reducing the
  degree of negative legal consequences for business. To effectively manage risk, representatives
  of the business community use a wide range of contractual provisions: sanctions clauses, force
  majeure clauses, currency choice clauses, applicable law clauses and arbitration clauses. The
  success of such contractual initiatives, strengthened by the development of standard forms and
  terms of commercial contracts, is confirmed by judicial and business practice.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Vestnik of St Petersburg University. Law;Volume 13; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: economic sanctions
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: sanctions compliance
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: sanctions clause
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: commercial contracts
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: legal risk management
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: contract work
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: The impact of foreign economic sanctions on commercial contracts
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 08.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/38790/1/08.pdf
resources.format: Adobe PDF
resources.size: 642,81 kB