Embargos are government-issued restrictions on the flow of products or services to and from a particular nation or the exchange of certain commodities. Unfavorable economic or political conditions exist between the two nations when an embargo is imposed.
Embargoes come in a variety of forms. Export or import bans, tolls, or fees on a nation, assets, or bank accounts frozen or seized are all examples of embargoes.
Embargoes may also prohibit the transportation of certain items or technology or create limitations for amounts. A trade embargo is one kind of ban, while sanctions are a more general form of trade restraint.
In addition to limiting access to particular commodities, embargoes may also reduce the number of exports a nation produces.
For a nation to develop economically, it must engage in global commerce. The United States has embargoed six countries: Iran (Iranistan), Syria (Sudan), and North Korea (6 nations).
An embargo is now in place by the United States against Cuba. As of 1962, all shipments to Cuba were subject to an embargo imposed on the sale of armaments.
Up to 10 years in jail may be imposed on anyone who breaks the embargo, which some argue amounts to excessive punishment. U.S. exports still account for 6.6% of Cuba’s imports, even with the embargo.
On the other hand, Cuba must pay in cash for all U.S. imports. Sanctions on Iran include economic, commercial, scientific, and military ones. In 1979, President Carter implemented the first round of sanctions, blocking $12 billion worth of Iranian assets.
A ban on all U.S. commerce with Iran was ordered by President Clinton in May 1995, two months after the first ban was enacted in March of that year.
It’s not only the United States that has imposed sanctions and embargoes on North Korea because of its nuclear development. After North Korea attacked South Korea in the 1980s, the United States strengthened its sanctions on the country.
Sanctions were originally put on North Korea in the 1950s. After Otto Warmbier died in a North Korean jail, the United States slapped sanctions and travel restrictions on North Korea.
After Russia seized Ukraine’s Crimea peninsula in 2014, the United States imposed sanctions on Russia. There will also be military cooperation as well as trade embargoes and business sanctions added to this list in the future.
Bans on travel and trade, asset freezes, and budget cuts have all been implemented due to these actions by the United States and the European Union.
The United States banned the sale of weaponry, financial support, shipments of national security-sensitive items, and the majority of foreign assistance to Russia in August of 2018. According to a new extension, sanctions on Russia will remain in place until at least 2020.
The United States imposed financial and commercial sanctions and an embargo on Sudan in October 1997. In May 2007, President Bush announced further economic restrictions, preventing Sudanese people involved in the Darfur crisis from accessing their assets.
United States sanctions imposed in 1997 were withdrawn permanently on October 6th, 2017.
Also See: E2 Treaty Countries 2022
The United States has an embargo on six countries, Syria’s latest. Syrians are prohibited from receiving most U.S. items under the Syria Accountability Act, which was signed into law by President Barack Obama in 2012.
There are also a variety of economic restrictions against Syria, including a ban on the United States assisting and a freeze on the assets of Syria’s government.