Full Description
The monetary and financial dimensions of economic sanctions have become critical components of sanctions strategies. A wider range of monetary and financial assets, entities (including central banks), and services are now targeted. Financial institutions, infrastructures, regulators and central banks play an increasingly influential role in shaping sanctions channels. Furthermore, sanctions may have significant impacts on financial obligations. This book, prepared under the auspices of the International Monetary Law Committee of the International Law Association (Mocomila), is the first to focus on the unexplored financial and monetary law aspects of economic sanctions and examine their impact on central banks and payment systems.
Contents
Notes on Contributors
Introduction
Part 1: Money and Finance: the New Frontiers of International Sanctions
1 Economic and Financial Sanctions in International Law: Nature, Sources and Reviewability
Christos Hadjiemmanuil
2 The United States-Led Development of Financial Sanctions Since 1945
James H. Freis, Jr. and Michael Waibel
3 Financial Sanctions: the Development of an EU Practice
René Smits
4 Weaponisation of Money and Payments
Rosa Lastra
5 Towards a New Extraterritoriality of EU Sanctions?
Régis Bismuth and Jan Dunin-Wasowicz
6 Evolution of the UK Financial Sanctions Framework Following the UK's Withdrawal from the EU
Sonya Branch
PART 2: Central Banks and Financial Sanctions
7 Economic Sanctions and Central Bank Immunity
Ingrid Brunk
8 The Use of Inmobilised Assets and Reserves of the Central Bank of Russia: a Perspective from EU Law
Alberto de Gregorio Merino
9 Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks
Michael Ioannidis
10 Economic Sanctions and Central Banks: Applying the Principles Articulated in the Arbitral Decision between the Federal Reserve and Bank Markazi
Thomas Baxter
11 The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia
Chiara Zilioli
12 The EU's Restrictive Measures on the Russian Central Bank: Some Financial Stability Perspectives in Light of the Sberbank Cases
Christos V. Gortsos
Part 3: The Impact of Sanctions on Contractual Rights and Property
13 The Legal Effect of Sanctions against Russia on Financial and Commercial Transactions
Sir William Blair
14 Contractual Consequences of Sanctions before the English Courts
Charles Proctor
15 Third Country Economic Sanctions and the EU Blocking Regulation
Klaus Peter Follak
16 The Restriction on Trust Services: a New Sanction in Need of Improvement
Luc Thévenoz
17 The Key Role of Financial Institutions in Implementing Asset Freezing Measures
The Example of EU Freezing Measures against Russian Individuals and Entities
Caroline Kleiner
18 Targeted Financial Sanctions and Asset Confiscation: a Thorny Legal Path from Freeze to Confiscate
Iryna Bogdanova
Index
