Misuse of hedges for tax evasion
The article discusses the use of financial instruments in order to minimize risks. The hedging mechanism is considered in more detail, and the distinguishing features of using its instruments: forwards, futures and options are highlighted according to established criteria. The paper presents statistical data for the period from 2015 to 2019 on the structure of the turnover of the Russian ruble against other currencies for cash transactions and forward contracts. The advantages of using hedging for sellers and buyers are highlighted. Particular attention is paid to the issues of the unlawful use of these tools by participants in foreign economic activity in the context of the derivatives market in the Russian Federation: the problems existing in the Russian market are highlighted and proposals for resolving these issues are put forward. Judicial practice, including court decisions involving various hedging transactions, is considered as examples.