Sanctions is a tool used against targeted entity with the aim of maintaining and restoring peace and stability.
So, how does this aims to maintaining and restoring peace? Who imposes it? What are the types of sanctions? Who is sanctioned? Let us know more on this.
Who is sanctioned?
Any Individual, Organization or Country can be sanctioned.
What are the types?
- Region based: Non-Global and International
- Based on Nature: Financial and Embargoes
- Levels based: Primary and Secondary
Results of sanctions:
- Asset freezing
- Military/Arms trade restrictions [Also, ban on exporting equipment that might be used for internal repression]
- Import and/or Export restrictions on one or more goods
- Travel bans
- Cancellation of licenses
- Unable to make financial transactions
- UN Security Council
- US [Treasury]
- EU Council
- The major cause to get sanctioned is because the targeted entity is deemed disrupting or supports disruption of internal peace, political stability. It can happen either there are direct/indirect support to terrorist or to their organization, ill-legal activities like: drug trafficking, human trafficking, amassing weapons of distruction, smuggling and involvement in violence, etc.
- Embargoes are nothing but trade restrictions. Restrictions on import and/or export of listed goods and services.
- Sanction checks happens even if it is a Book Transfer, Global Payments, Domestic Payments and even union specific payments like SEPA, P27, etc.