Full Description
We live in an age of sanctions. For geopolitical reasons, powerful states and economic blocks increasingly impose unilateral measures restricting economic transactions with certain target states. These sanctions may apply to transactions between the sanctioning state and a target country but may at times also extend to transactions between third states and the target state. By imposing such 'secondary' sanctions, states aim to further isolate the target state. The extraterritorial character of secondary sanctions makes them controversial, as they impinge on third states' economic sovereignty and the latter's operators' freedom to conduct international business. This book addresses the legality of secondary sanctions from multiple legal perspectives, such as general international law, international economic law, and private law. It examines how third states and operators can legally react against secondary sanctions, e.g. via blocking legislation or litigation. It also provides economic and political perspectives on secondary sanctions.
Contents
Introduction; 1. Secondary sanctions in the international legal order Cedric Ryngaert, Tom Ruys and Felipe Rodriguez Silvestre; Part I. Secondary Sanctions - Setting the Stage: 2. 'Secondary sanctions' - what's in a name? Charlotte Beaucillon; 3. The economic effect of secondary sanctions on firms: theory and (scarce) evidence Christopher Hartwell; 4. The impact of unilateral (especially US secondary) sanctions: how do international financial institutions and their compliance officers cope? Martin Vogt; 5. The EU and the politics of secondary sanctions Clara Portela; Part II. Secondary Sanctions and General Public International Law: 6. Secondary sanctions, access restrictions and customary international law Patrick Terry; 7. The correlation theory: a new tool in currency-based jurisdiction Susan Emmenegger and Florence von Mutzenbecher; 8. Challenging secondary sanctions in US courts: reflections on the halkbank case William S. Dodge; 9. Secondary sanctions and the principle of non-intervention Felipe Rodríguez Silvestre; 10. Secondary sanctions, state responsibility and grave breaches of jus cogens norms Stefano Silingardi; Part III. Secondary Sanctions and International Economic Law: 11. Secondary economic sanctions - what role for the world trade organization? Peter-Tobias Stoll; 12. Secondary sanctions under international investment law Pierre-Emmanuel Dupont; 13. The enforcement of extraterritorial sanctions: asset freezes and international monetary law Annamaria Viterbo; 14. Secondary sanctions under general and security exceptions Geraldo Vidigal and Celia Challet; Part IV. Secondary Sanctions in Commercial Practices and Domestic Litigation: 15. Secondary sanctions and force majeure clauses: the perspective of financial institutions Roger Kaiser and Eduard Hovsepyan; 16. The impact of extraterritorial and secondary sanctions on contractual obligations Mercédeh Azeredo da Silveira and Cedric Ryngaert; Part V. The Future of Secondary Sanctions: 17. Secondary sanctions - the Chinese perspective Congyan Cai; 18. Secondary sanctions, the informal economy, and the cryptocurrency disruption Lauren E. Brown; 19. Secondary sanctions after Russia's invasion of Ukraine - a whole new world? Tom Ruys and Felipe Rodriguez Silvestre.
