Sanctions and Embargoes
What is an embargo ?
State governments and international institutions can impose embargoes, meaning the prohibition of trade of goods and services to the designed nation(s). Economic sanctions and embargoes may be imposed for a variety of reasons (political, military, social, economic and others). An embargo is imposed on a nation or group of nations and never to an individual or group of individuals. Embargoes are considered to have a more severe impact than economic sanctions.Embargoes are considered strong diplomatic measures imposed in an effort, by the imposing country, to elicit a given national-interest result from the country on which it is imposed.
The different levels of international sanctions
In the European Union (hereafter "EU") level, sanctions are used as restrictive measures against governments of non-EU countries, companies, organizations (i.e. terrorist groups) and individuals. The aim is to push these parties to bring a change in their policies or their conduct. In this way, the EU wants to maintain the security and the values of its members.The EU can adopt different types of sanctions, among them, diplomatic sanctions, embargoes. Embargoes are trade-related bans such as restrictions on the import or export of certain goods, travel ban of specific people, freezing of assets of these people, prohibition on specific investments etc.
Over the years, the EU has put sanctions against many jurisdictions like Iraq, Iran, Venezuela etc. Lately, the EU put sanctions against Russia because of the latter's actions destabilising the situation in Ukraine.
Except for EU, sanctions can also be imposed by the United Nations Security Council and individual states at a national level.
Many companies could find themselves in difficult situations in case of regulatory breaches. Our professionals can support your business and provide solutions to your case. For more information regarding how you can protect your financial business against sanctions and embargoes, contact Pideeco.
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