USAWhat are Economic Sanctions?
Before trying to understand if Economic Sanctions work or not we should take a quick look to see what they are and who implements them. Sanctions are penalties or restrictions imposed on one or a group of countries by another country or group of countries. Sanctions are often enforced due to Political, Social or Economic reasons, and in many cases are used to force a submission or reversal in the reasons for the sanctions. Trade/ Financial can be better described as Economic Sanctions, these come in the form of penalties, restrictions, tariffs, licensing or some other form of administration normally coming about due to unresolved trade or policy disputes. Generally economic sanctions are imposed by larger countries or group of countries on smaller one in most cases they are imposed if the country being sanctioned is threatening or deemed as a threat to another country or if the country is violating human rights. The main objective quite often being Regime change and much of the time a last step in order to avoid physical conflict.
A little history of economic sanctions
Below you will find some of the more prominent sanctions to be imposed; The European Union’s sanctions against Burma (Myanmar) based on lack of democracy and human rights infringements. North Korea has been the subject of international sanctions since the Korean War, which were eased under the Sunshine Policy led by South Korean President Kim Dae Jung and by U.S President Bill Clinton but tightened again in 2010 The 54 year long trade embargo that the United States placed on Cuba in the hope of changing Cuba’s socialist system or anti-U.S. outlook. The United Nations imposed economic sanctions upon Iraq after the first Gulf War as an attempt to make the Iraqi government co-operate with the UN weapons inspectors’ monitoring of Iraq’s weapon program. The United States has imposed economic sanctions against Iran for years, on the basis that the Iranian government sponsors groups who work against US interests. In March 2010, Brazil introduced sanctions against the US. These sanctions were placed because the US government was paying cotton farmers for their products against World Trade Organization rules. As can be seen just from the length of time some of these sanctions have been in place they do not always have the desired effect.
Economic Sanctions on Russia
In March of this year the US and EU froze assets in American and Europe of members of Vladimir Putin’s ‘inner circle,’ which includes politicians, business leaders and one bank, with broader sanctions on Russian energy exports to Europe. Russia responded by imposing sanctions against a number of US politicians. The Office of Foreign Assets Control (OFAC) is the US’s department charged with the job of creating viable economic sanctions lead by Adam Szubin was quoted as saying ‘We’re going to be looked to … in the days and weeks to come, to continue to deliver’ . This came after Samantha Power, the U.S. envoy to the United Nations, warned that the United States was prepared to step up sanctions against Moscow if pro-Russian military actions in eastern Ukraine continued.
USAWhat are Economic Sanctions?