International Sanctions. How Do They Affect a Country's Economic and Financial System?

Bachelor Thesis from the year 2020 in the subject Economics - International Economic Relations, grade: 82/110, University of Siena, course: economics & banking, language: English, abstract: In the current era, the international relation among countries has a great importance because countries are more in need of each other as their societies and economies get involved together. As we can see these days a lot of countries do trading among them which make them better off in economic situation, and some countries have created a union together to facilities their trading and relations such as European Union. Still there are some countries which disobey international laws, and they do not respect human rights or they threat the international peace and security, so they can be expelled from international unions and communities, one of the main and strong tools to do so is, international sanction which can be imposed to those countries. International sanctions have become an important and most usable tool in international politics, as the US and UN are playing the main actors in imposing sanctions. International sanctions are part of diplomatic attempts by countries against countries, organizations or a person, with aim to protect national security or to protect international laws and human rights. Sanction principally has a limited time which target the economy, trade, diplomacy, culture of targeted country and can be lifted when the motivating security concerns no longer apply, in some cases can be renewed or be more intense to put targeted country under more pressure. This practice can be one of the most effective weapons of the international community with offenders. Sanctions are with aim and not a ruthless one-sided weapon, and the aim is to dissuade the offending country from acting or to bring it to the negotiating table. International sanction basically targets economy and diplomacy, however according to the international economist and researchers, economic sanctions are criticized for not being successful in achieving their goal and for having a negative effect on human rights, democracy, poverty, healthcare and basic living condition which can have more negative impacts on the people of Third World countries. Sanctions are technically divided into four groups, which they are UN SECURITY COUNCIL, EU SANCTIONS, UNILATERAL SANCTIONS OF GOVERNMENTS AND US CONGRESS SANCTIONS, each with its own approval and repeal mechanism.