Question

"Economic Sanctions"

1. What is the sanctions process in the United States, the United Nations, in the European Union?

2. Do sanctions work? Why? Why not?

Answer 1

Solution

The term "Sanctions " refers to the political and/or economical decisions that are taken by different countries / reginal organizations against some countries / organizations inorder to safe-guard their interests,threats to international peace and security and protect the international law and order.

Economic sanctions can be of many forms like asset freezes ; travel bans,trade restrictions etc.,

U.S - The OFAC (office of foreign assets control ) monitors and enforces the economic sanctions of U.S on several countries or individuals.The people living in U.S will have to comply with the regulations imposed by these people.

United Nations - In this case, the security council of the U.N monitors and enforces the sanctions in case they recognize if there is threat to the global peace and security.They are "broad " /generalized and also not strict in nature and not specific as many countries are members in this organization.

Europen Union :Foreign policy instruments (FPI) prepares and implements the sanctions and other foreign related actions in consultation with Europen external action service and EU delegations across the globe.These sanctions eventhough are stricter when compared those imposed by the United Nations,they are "liberalized" when compared to those imposed by the U.S

Simply put,the more the number of parties while taking the decision the more liberal /diluted the decision would be as consensus should be reached amonng all of them.

2.Yes,the sanctions work.They work depending on the influence of the parties imposing it.For Example:If the U.S imposes economic sanctions on Iran (say),so Iran will not be able to receive financial support in any form from neither the government of U.S nor any financial institution of U.S and Iran companies are blacklisted and are not allowed to exist in the U.S and the U.S will not trade with Iran.

The effectiveness of U.S sanctions is high as it the largest and dominant economy in the world.The financial dependency on the U.S economy is still very high.

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