International credit and credit relations in modern international private law: reasoning of sectoral affiliation

The paper studies the concept of "credit" as the economic and legal category. It provides a comparative analysis of the art. 819 and art. 807 of the Civil Code in order to identify the legal characteristics by which credit and loan agreements are distinguished. The author concludes that the credit can be regarded as a special case of the loan, due to the presence of a special subject, a special object and a wider range of duties in the contractual relationship. The article contains the author's version of the definition of credit, reflecting its economic substance and legal characteristic symptoms, defines international credit, establishes the possibility of the lenders in the global capital market. On the basis of traditionally established doctrinal approaches in the Russian international private law the concept of credit relations is defined. The author argues on the issue of the industry sector of the Institute of International Financial Relations. The ratio of public and private law in the legal regulation of international financial relations is also defined. In the conclusion the author proposes to consider the international financial law as a subsector of international private law with elements of public regulation.