UN Sanctions against countries
The United Nations Security Council is empowered by Chapter VII of the UN Charter to take enforcement measures to maintain or restore international peace and security. Such measures range from economic or other sanctions not involving the use of armed force to international military intervention.
The use of mandatory sanctions is intended to exert pressure on a State or entity to comply with the objectives set by the Security Council without resorting to the use of force.
The Council has resorted to mandatory sanctions as an instrument of coercion when peace has been threatened and diplomatic efforts have failed (see below). The range of sanctions has included comprehensive economic and trade sanctions or more targeted measures, such as arms embargoes, travel bans, financial or diplomatic restrictions, or both.
Accordingly, the Council has established different Committees to monitor the various sanctions regimes imposed by Council Resolutions. The following is a list of the Committees currently in place.
Countries under international sanctions
Another possible retaliation outlined in the bill is to exclude Russia from the Swift transaction consortium, which is the basis of the global financial system because it is used by 11,000 banks in 200 countries or territories to make transfers. This punishment has been dubbed the “nuclear option” because of the dire consequences it could have for the Russian economy and for the value of its currency, the ruble.In 2012, Swift cut ties with some 30 Iranian banks after the EU imposed sanctions and due to U.S. pressure, contributing to the decline of the Persian economy.NORD STREAM 2
Another possible retaliation against the Kremlin would be to cancel the Nord Stream 2 pipeline, which seeks to transport Russian natural gas directly to Western Europe bypassing Ukraine and whose certification process is stalled so it has not started operating. The German Chancellor, Olaf Scholz, has not entered into an assessment of what could be the future of this pipeline, but the EU High Representative for European Affairs, Josep Borrell, assured at the beginning of the month that the project is “linked” to the situation in Ukraine.LIMITS ON THE PURCHASE OF RUSSIAN BONDS
Sanctions are generally used as an instrument of pressure to achieve changes in a country’s policy or are announced against individuals who are accused of going against international principles and treaties, especially when they have to do with human rights.
In the program Foro, of the Voice of America, political scientist and analyst Julio Schilling considers that sanctions are a valid instrument of pressure, above all to “hang” authoritarian governments.
Eric Hershberg, professor at American University, explains that in Latin America there are currently two types of US sanctions: sanctions against governments, as in the case of Cuba, Venezuela and Nicaragua, and sanctions against individuals who may be either officials in those governments or people involved in illicit activities.
Both analysts agree that sanctions have an impact, but differ in their consequences and the real effect in generating the desired pressure to achieve concrete objectives, in the case of authoritarian governments.
OFAC lists gafi individuals and corporations
As a U.S. company, we comply with Office of Foreign Assets Control (“OFAC”) sanctions. OFAC is a division of the U.S. Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security objectives against foreign countries and regimes, terrorists, international drug traffickers, those involved in activities related to the proliferation of weapons of mass destruction and other threats to the national security, foreign policy or economy of the United States. As such, some are broad-based and geographically targeted (i.e., Cuba, Iran). Others are “targeted” and focus on specific individuals and entities.