International Economic Sanctions: Concepts, Applicability and Global Extension

Juliana Visentin Ferreira Marreco

Keywords

Sanctions; International Commerce; International Private Law; Cryptocurrencies.

Abstract

The economic sanctions imposed by foreign governments were created as a system of measures capable of barring commercial and financial transactions that would otherwise benefit governments or individuals accused of acts against the international community. Eloping to its original purpose, time imposed a political character on what was initially essentially economic issue, creating a network of executive orders that surrounded the international capital market, extending its reach far beyond their borders. The present study presents the main aspects about what these measures are and their real effect even for contracts and transactions executed in Brazil, between parties that apparently would not be exposed to their effects. We will address the definitions of what sanctions are, which legislative mechanisms they legitimize, how each economic block has adopted its own measures, what are the main impasses on its application, and especially how some people have found modern and ingenious ways of circumventing them.