Innovative factors in the formation of the competitive environment of the banking services market in the context of sanctions: legal aspect

The purpose of this study was to conduct a comprehensive analysis of the legal regulation of banking competition in the context of sanctions. Methods: in the course of the study, a systematic method was used, which made it possible to identify trends in the development of competitive mechanisms in the banking services market in the context of sanctions. The application of the analytical method contributed to a comprehensive study of foreign experience of legal regulation. Results: a legal analysis of the competitive environment prevailing in the banking services market under sanctions was carried out. A characteristic feature of modern economic processes and legal relations is the introduction of innovative technologies that radically change the business models of the functioning of business entities. Innovations also affected the financial sector of the economy, in particular, the banking services market. In the context of the crisis of the banking system, companies began to appear that provide services similar to banking, based on advanced information technologies and software solutions. Such companies have become participants in competitive relations in the banking services market, being a serious alternative to credit institutions with a standard set of banking services. The novelty of the research is that a comprehensive analysis of the legal mechanisms of the competitive functioning of the banking market in the context of sanctions has been carried out. Practical significance: the research materials can be used in the preparation of an analysis of the competitive environment of the banking services market and the identification of problems of the legal protection of banking competition.