Legal Personality of the Bank of Russia: Vesting the Organization with Public Authority

The paper evaluates the legal status of the Bank of Russia through the analysis of administrative, civil, and specialized banking legislation, as well as drawing on research by leading legal scholars. The author emphasizes that the lender of last resort is recognized as a legal entity, incurring expenses from its own revenue and possessing the full triad of rights with respect to its property, which nevertheless is regarded as federal property. Characterizing the organizational and legal form of the mega regulator remains a relevant problem in academic literature, arising from the terminology employed in both constitutional provisions and Federal Law No. 86-FZ dated 10 July 2002, «On the Central Bank of the Russian Federation (Bank of Russia).» Over the course of longstanding debates, scholars have suggested that the primary bank of the first level may be classified as a non-profit organization, a state institution established for public benefit, or a commercial entity with a special legal status. At present, the Bank of Russia can reasonably be described according to the criteria defined in the literature for public law entities. The necessity for participation in civil turnover, in accordance with the objectives mandated by legislation for the national bank, must be effectively balanced with its role as an instrument of the Russian Federation’s monetary policy. Without pursuing profit as its primary goal, yet nonetheless engaging in certain aspects of entrepreneurial activity, the issuing bank is characterized by its competencies in the areas of control and supervision over financial markets, thereby exercising certain state-authority functions in the management of the banking system. The author concludes that the legal entity of the Bank of Russia, which resists classification under the established terminology of organizational and legal forms, takes a unique standing among organizations endowed with public powers.

1. Vinokurob VA. Respect for human and civil rights and freedoms in the russian federation by the bank of Russia: certain problems. Science. Society. State. 2023;11(2(42)):33-39. (In Russ.). 2. Glazyev SYu, Diyansky AV. The Central Bank of Russia: Independence or Lack of Oversight? In: Barenboim PD, Lafitskiy BI (eds.). Essays on Constitutional Economics: The Status of the Bank of Russia. Moscow: Justitsinform Publ.; 2001. (In Russ.).

2. Efimova LG. Banking Law. Vol. 1: The banking System of the Rusian Federation. Moscow: Statut Publ.; 2010. (In Russ.).

3. Efimova LG. Pravovaya pri natura Tsentral’nogo banka Rossiyskoy Federatsii [The Legal Na ture of the Central Bank of the Russian Federation]. Economy and Law. 1994;5(208):16-29. (In Russ.).

4. Isaev IA, Rumyantseva VG. The ruling minority: possible prospects. Bulletin of the Law Fac ulty Southern Federal University. 2022;9(4):39-44. (In Russ.).

5. Kazachkova ZM, Rossinskiy BV. The central bank of the Russian Federation as a legal entity of public law. Bulletin of the Russian Law Academy. 2024;2:76-87. (In Russ.).

6. Kiseleva IM, Prikhodin SA. Contradictions between the Constitution and the Law on the Cen tral Bank of Russia. In: Barenboim PD, Lafitskiy VI. Essays on Constitutional Economics: The Status of the Central Bank of Russia. Moscow: Justicinform Publ.; 2001. (In Russ.).

7. Korshunov NM. The Convergence of Private and Public Law: Challenges in Theory and Prac tice. Moscow: Norma, Infra-M Publ.; 2020. (In Russ.).

8. Migachev YuI, Migachev AYu, Shamrin MYu. Administrative and Legal Status of Organiza tions Empowered with State Authority. Moscow: Prospekt Publ.; 2021. (In Russ.).

9. Ruzdestvenskaya TE, Guznov AG. Banking Law: Public Law Regulation. 2nd ed. Moscow: Yurait Publ.; 2020. (In Russ.).

10. Tarasenko OA. Entrepreneurial Activity of the Bank of Russia. Aktual’nye problem rossijskogo prava. 2020;15(6):73-83. (In Russ.).

11. Chekushina TV. Interaction of the Central Bank of the Russian Federation with Federal Gov ernment Authorities: Legal Foundations. Penza: M. G. Popova Publishing House; 2006. (In Russ.).

12. Chirkin VE. Yuridicheskoe litso publichnogo prava [Legal entity of public law]. Journal of Rus sian Law. 2005;5(101):16-26. (In Russ.).