Correlation between the Concept of "Economic Liability" and "Economic Sanctions"

The article is devoted to the study of the concepts of "economic liability" and "economic sanctions". Un-fortunately, the ratio between economic liability and economic sanctions has not been studied sufficiently, thus it stays quite quite debatable. This is due to the fact that commercial law does not have a single approach to understanding of these concepts. This necessitates further detailed analysis of this problem and is an urgent task of modern jurisprudence. In the legal literature, many scholars have studied this topic. However, despite the large number of scientific publications and comprehensive coverage of the problem of the relationship between liability and sanctions, there are some controversial issues that require further scientific understanding. The purpose of this article is to make a comparative analysis of both concepts, to identify their common and distinctive features, to define the ratio between these concepts, as well as to present views of scholars on this problem. That’s why, the article highlights the essence and main features of economic liability and economic sanctions. The author analyses the valid legislation and compares these definitions, identifies their common and distinctive features. The article contains the analysis of scholars' thoughts on this issue, thus it is based on different sources of law. Also, the author compared different positions of scientists on the issue of relation of these concepts and expressed his position towards them. The concepts of economic liability and economic sanctions are not studied well enough to define their ratio, because these concepts entail a number of contradictions between scientists; and secondly, concepts are formulated and interpreted differently. During this study, the author identified the main problems on this issue, namely: the concept of economic liability is not enshrined in law and in jurisprudence there is no single approach to the ratio of these categories. Based on the results of the study, the author formulated some conclusions and stated that further study of the concepts of economic liability and economic sanctions is an urgent task for lawyers and it has high practical value. Therefore, the issues covered remain open and require detailed analysis and study in commercial law