INTERNATIONAL SANCTIONS: AN INTRODUCTION
Published: July 8, 2015
An outline of the main current financial and trading sanctions that have been imposed by the United States and European Union and which may affect Members.
The use of financial and trading sanctions by states and international organisations as a way of pressurising countries whose governments who are felt to be acting in breach of international laws and norms of behavior has expanded greatly in recent years. Generally speaking, such sanctions have been aimed at preventing or restricting certain types of transaction with particular countries and/or individuals or companies connected with the government of those countries. Recently the most extensive sanctions are those that have been imposed in relation to Iran by the United States and European Union. While many of those sanctions were lifted on 16 January 20016 (“Implementation Day”), there remain the primary US sanctions and SDNs prohibition. In addition, sanctions have also come into force against other countries, most notably Syria and North Korea.
The most recent publications produced by the Club on this subject can be reviewed in the knowledge base, in addition to an article published in Britannia News Issue 47 (which look primarily at sanctions imposed against Iran and the, then, anticipated effect of “Implementation Day”). It should be noted that although the United States and European Union have been at the forefront of the development of sanctions in recent years, other countries have imposed their own sanctions, e.g. the continuing Arab League boycott of Israel. Members should therefore not regard the referenced documents as an exhaustive account of all the sanctions that may affect them in relation to a particular transaction. In every case, it will be essential for Members to satisfy themselves that the proposed transaction will not put them at risk of breaching sanctions. For further information and guidance on these requirements, Members may contact the Club.
- Information on UK, EU and UN sanctions
- Information on US sanctions
- European Union / Restrictive Measures in force