International sanctions are the decisions taken by a country, group of countries or organizations against any particular nation. Sanction is usually a threat that imposes certain targets and restrictions on the intended nation. These restrictions may be imposed on economic trade, security, etc.
The sanctioned nation has to meet these targets in the given time. Once the targets are met and the threat is under control with no new threat arising, these restrictions imposed on the nation are lifted. If the targets are not met then the nation may face serious consequences. Sanctions are usually imposed to protect international peace and security, international trade, law, and national security.
The reason for sanction is mainly divided into three categories. The first category involves the sanctions which require the nations to comply with international law. The second category includes sanctions that aim at curbing or containing any threat imposed to the peace in the geographical area. The last category includes sanctions that targets censuring activity or a specific action or arrangement structure from any member/non-member country
The four important types of sanctions are:
- Economic Sanctions – it imposes a ban on trade or limits the trade to certain regions.
- Diplomatic Sanctions – aims at reducing or completely eliminating diplomatic ties.
- Military Sanctions – Aimed at targeting military strikes to cut off supplies of arms and to degrade the nation’s conventional or non-conventional capabilities.
- Sports Sanction – it imposes a ban on sports people from a particular country from participating in international events.
- Economic circumstances are not the only reason for imposing economic sanctions but political, military and social issues also play a huge role. These sanctions mainly aim at achieving domestic and international goals. These sanctions usually improve the relations between the two countries. As mentioned above, imposes a ban on trade or limits the trade to certain regions. Embargoes on other hand partially or completely bans trad with intended country or organisation. Embargoes are viewed as solid diplomatic measures forced in an effort, by the imposing nation, to inspire a given national-interest result from the nation on which it is forced. Embargoes usually limits or bans trade, import and export, creates different categories for quantity, imposes taxes, freezes or seize assets, bank accounts, etc. How effective an embargo is, depends directly on the extent of international participation. Embargoes provide development opportunities to various emerging countries.
The effectiveness of economic sanctions is a debatable issue. Some economists claim that the success rate of the economic sanction amongst all the other sanctions on the imposed nation was 34% whereas others are of the opinion that the success rate was only 4%. According to a study, the economic sanctions imposed by US and UN had a huge impact on the targeted country’s economy. The GDP growth was reduced by more than 2% each year. The negative effects of the economy are worse and last for more than 10 years.
Imposing economic sanctions on a country not only affects the economy of the target country but also impacts the economy of the imposing country in a negative way. It results in a decline in the market due to which the investments fall drastically.
