In the current conditions, issues related to challenges and risks in financial law are becoming relevant due to the complex geopolitical situation and the sanctions imposed on the Russian state. The article draws conclusions about the existence of the term “financial and legal risk” and identifies its characteristics. Additionally, it highlights the need for reflection and the formation of legal positions regarding the understanding of jurisdiction, extraterritoriality, and management in the field of public financial activities, as well as the prediction of risks associated with the current architecture of international settlements.