Global sanctions:
Today, there are 14 sanction regimes focused on political settlement of conflicts, nuclear non-proliferation and counterterrorism. Each is managed by a sanctions committee chaired by a non-permanent member of the UN Security Council and monitored by one or more teams, groups and panels.
The idea behind sanctions is that they discourage military action by inhibiting a country’s revenue and thus limiting its ability to fund these aggressive acts. While this is a reasonable goal, it is important to remember that sanctions are not merely about pain and gain and the utilitarian and game-theoretic language that much of foreign policy discourse uses. Sanctions work in a complex political and economic environment that has long-lasting effects on the lives of ordinary people.
For example, in 2022, a US-led international freeze of $330 billion worth of Russian central bank assets cost Russia $15 to $19 billion – a major hit that could cause a sharp rise in prices and lower wages for workers in the country’s export sector. This would push many more individuals into the lower middle class or even poverty.
In addition, the human rights implications of these sanctions have been grave. Individuals and businesses targeted by sanctions often experience little to no legal process before being brought under their control and face significant obstacles importing basic food and medicine. These issues should prompt a serious rethink of how sanctions are conceived, designed and implemented. This is particularly true as more and more countries move to rely on this powerful policy instrument.
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