Normative Institutional Ensuring of Implementation of International Calculations in Ukraine

Abstract

Problem setting. Over the past years, the Ukrainian economic system has been in a state of decline, and only the last few years can be observed a slight revival and improvement of its various sectors. And it is access to foreign markets is a very important part of the state’s economic growth strategy. When carrying out foreign economic activity, business entities will certainly encounter a system of international payments in their various forms. Therefore, today it is very important, both from a practical and theoretical point of view, to study the possibilities and problems of using international payments, as well as finding the optimal models of legal regulation of forms of international payments for Ukrainian businessmen. This will allow the national business to actively participate in international trade, as well as to establish relations with foreign partners. Analysis of recent researches and publications. Analysis of recent researches and publications. On the whole, insufficient attention has been paid to the problem of the legal support of international payments. Among the specialists in this field, in the works of which certain issues of the implementation of international payments were analyzed, the following should be highlighted: V. P. Bogun, V. V. Dyachek, A. Ivansky, T. A. Latkovsky, A. G. Mozharin, S. C Pilipishin, E. V. Sotchenko, I. A. Tereshchenko, G. S. Fediniak, V. A. Chubenko and some others. However, in the conditions of constantly changing business conditions, primarily on an international scale, reorientation of the economy, financial and economic crisis, it is necessary to rethink the very approach to the legal regulation of international payments taking into account international experience. Target of research. The purpose of this article is to analyze the system of legal support for the implementation of international payments under the laws of Ukraine and the classification of legal acts in this area. Article’s main body. Analysis of the practice of applying the forms of international payments used by Ukrainian business entities suggests that the most common among them are documentary letter of credit, documentary collection, down payment, bank transfer and bank guarantee. At the same time, payments on open accounts, promissory notes, checks have not yet found the proper level of prevalence in the implementation of international payments by Ukrainian companies. The peculiarities of international payments consist in the fact that importers and exporters, as well as banking institutions chosen by them, enter into a number of additional legal relations on registration, forwarding and processing of title documents and payment documents; international settlements are governed by both national legislation and international banking customs. The amount of regulatory material that ensures the legal regulation of the implementation of international payments must comply with the subject of regulation, that is, must be adequate to those social relations that are regulated by a specific array of legal acts. The legal basis for the implementation of international payments has a complex multi-level structure, including the rules of various branches of law. So, in particular, these are the norms of administrative law, financial, criminal, customs, tax, economic, civil and banking law. If we analyze the regulations governing the issues of international payments, they can be conventionally divided into the following blocks. The first block consists of legal acts that reinforce the provision on state policy in the field of international payments (for example, its goals, objectives, main directions of implementation, etc.). The second block is the regulatory legal acts regulating the state policy in the sphere of currency regulation and control. The third block of the system of legal support for the implementation of international payments is constituted by regulatory acts aimed at regulating e-commerce issues. The fourth block of regulatory legal acts are international acts. The fifth block of legal acts regulating the procedure of international payments is a promising legislation. Conclusions and prospects for the development. The analysis of legislation in the field of international settlements allows us to draw conclusions that at the legislative level there are no definitions of such important categories as: «international settlements», «forms of international payments», «international payments system», «elements of the international payments system», etc. Therefore, today the priority issue of the «agenda» of academic specialists in the field of banking law should be a thorough scientific and practical substantiation and analysis of these concepts. In addition, it is also important to develop a number of recommendations for searching and creating optimal models for the implementation of international payments at the present stage of development of the national economic system, world trends, etc. taking into account the peculiarities of Ukrainian realities.