Features of functioning and development of auctions under global trade wars

Abstract

In international trade auctions are used as a form of market relations. Auctions are widely spread in world practice primarily due to the fact that they have proved effective in creating real competition during the bidding process. At auctions it is possible to sell a large amount of goods or place orders for large and complex objects. The authors provide insight into the nature and features of international auctions, as well as the peculiarities of the functioning and development of auctions in the face of sanctions used as a weapon in world trade wars.