Economic Sanctions

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Sanctions
A sanction is defined as a set of penalties or consequences that are commissioned to other countries as a result of disobeying or dishonoring the laws and international standards that have been put in place. The most common form of international sanction is the economic sanctions. In an economic sanction, a certain country may decide to impose financial and commercial penalties on another nation, individual or a group due to their failure to adhere to the set rules and regulations. In most cases, economic sanctions include but are not limited to, limitations on financial transactions, trade barriers, and restriction on trade tariffs with other countries. Others include travel bans, capital restraints, freezing of assets, an arms embargo, and limitations on foreign aid. Economic sanctions have over the recent years become the most favorable foreign policy technique applied by several American and European countries to penalize other countries which fail to adhere to the set of international laws. For instance, in 1958, the United States commissioned the arms embargo to Cuba identified as the ‘blockade’ limiting them from any form of financial, economic and financial assistance over the years (Eland 30).
Over the recent years, the impact of economic sanctions on a global scale has been imminent. These sanctions have shaped the entire global political landscape and the economic status of the affected countries. In the real sense, the application of economic sanction as a way of penalizing countries which do not follow the international laws and regulations has been significantly effective over the years.

Secondly, these sanctions have played a major role in the development and growth of international diplomacy as countries are cautioned against dangerous activities which can alter international peace. For instance, through the United States economic sanctions against Iraq, it was able to negotiate the nuclear programs abolishment in the country. As such, it is relatively important to note that the application of economic sanctions in international relations has been an effective approach to solving global issues.
Work Cited
Eland, Ivan. “Economic sanctions as tools of foreign policy.” Economic Sanctions. Routledge, 2018. 29-42.