Sanctions
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual.
Economic sanctions are not necessarily imposed because of economic circumstances—they may also be imposed for various political, military, and social issues. Economic sanctions can be used for achieving domestic and international purposes. The efficacy of sanctions is debatable—there are many failures—and sanctions can have unintended consequences. Economic sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions [Wikipedia].
Economic sanctions can range from travel bans and export restrictions to trade embargoes and asset seizures. By definition, such sanctions apply to parties not readily subject to law enforcement by the sanctioning jurisdiction. As the world's largest economy and trade bloc, the U.S. and the European Union have disproportionate sanctions powers. Economic sanctions can be imposed unilaterally by a single country or multilaterally by a group of countries or an international organization. The success of sanctions can be measured by achieving the desired policy goals or simply by their cost to the targeted countries and individuals if punishment is the aim. They can also impose costs on the targeted country's citizens and the sanctioning country's companies. Suppose the goal is to change the behavior of targeted countries and individuals. In that case, their incentives and options will ultimately matter at least as much as the leverage of the sanctioning power [Investopedia].
How Economic Sanctions Work. Investopedia. Retrieved from: https://www.investopedia.com/articles/economics/10/economic-sanctions.asp
Economic sanctions. Wikipedia. Retrieved from: https://en.wikipedia.org/wiki/Economic_sanctions