International sanctions are restrictions on trade and economic relations between individuals, organizations, or countries based on specific reasons. In addition to these, diplomatic, transportation, and communication restrictions are among the international sanctions restrictions. There are many reasons for international sanctions. The reasons for international sanctions include diplomatic disputes, security problems, violations of human rights, international terrorism, and the widespread mass destruction of weapons.
Some Examples of Sanctions
- Weapon Embargo: prohibition of the sale of weapons and military equipment.
- Import-Export Embargo: Preventing the sale of goods, minerals, or technical materials and software
- Transaction Restriction: It is a restriction of certain financial transactions for certain individuals and companies. These include freezing their assets and credit restrictions.
- Visa Bans: Prohibited from the travel of certain individuals or citizens of certain countries.
Diplomatic Sanctions
Diplomatic sanctions are to indicate dissatisfaction in bilateral relations without harming political and economic relations. Diplomatic sanctions are aimed at sending a message to the other government through several political measures. Cancellation and limitation of diplomatic visits are examples of some diplomatic sanctions.
Economic Sanctions
Economic sanctions are commercial and financial prohibitions imposed on individuals, organizations, or countries. The purpose of economic sanctions applied as a result of various disputes is that the country concludes the conflicts. Among the economic sanctions are trade bans, transaction restrictions, tax regulations, etc., and such decisions are included.
The sanctions imposed by the governments also apply to the citizens of the country and companies operating in the country. Companies operating in the country are forbidden to establish trade relations with sanctioned companies. Therefore, companies should be aware of embargoes and not take the wrong steps. Companies face criminal risks if they violate sanctions. Therefore, companies should take various measures in this area.
Military Sanctions
Military sanctions have several forms. Some military sanctions are military strikes, an arms embargo, and a military equipment embargo.
In this article, information about international sanctions was given. Sanction Scanner instantly monitors the sanction data of more than two hundred countries. Companies control sanctions with the "Sanction Screening Service" and do not violate sanctions. For detailed information about our Sanction & PEP screening solutions, you can review our website.