The problem of the Bank of Russia's legal liability for improper performance of function to ensure the stability of the ruble

Abstract

Ensuring the stability of the ruble is the Bank of Russia's primary function. However, its implementation is not backed by legal accountability measures. The Bank of Russia cannot be held legally or practically liable under civil or public law; its employees are not considered subjects of official misconduct; and the application of organizational and personnel measures (appointment and dismissal of Bank of Russia management) is politicized. This article proposes several solutions to these problems. It proposes replacing the absolute immunity of Bank of Russia employees and management with relative immunity - a more complex procedure for criminal prosecution. It also proposes creating a tripartite commission consisting of representatives of the state, the professional financial community, and consumers of financial services, which would have the authority to appoint and dismiss Bank of Russia management.