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Sanctions in Latin America
The regrettable rise of a world of prohibitions
For over six decades different types of economic sanctions have been imposed on a range of countries from Latin America and the Caribbean (LAC) to force, persuade, influence, or cajole their governments into doing some things and not doing others.... Read More
Sanctions have been described as “the withdrawal of customary trade and financial relations for foreign and security policy purposes”.... Read More
Within the UN, sanctions decisions are taken by the Security Council where its five permanent members (the US, China, France, Russia, and the UK) each have a right of veto.... Read More
The European Union (EU), with its current 27 members, has also increasingly used sanctions.... Read More
The United States has applied more economic sanctions than any other country or trading bloc in the world.... Read More
According to Castellum.AI, a security risk and compliance data company, Latin America and the Caribbean is one of the most-sanctioned regions of the world.... Read More
The US embargo on Cuba is one of the world’s broadest and longest lasting trade disputes.... Read More
According to an estimate made by the United Nations in 2018, since it began the US financial and trade embargo has cost Cuba over US$130bn in lost revenue.... Read More
Knowingly or unknowingly, many companies have broken sanctions rules and faced significant fines and penalties for doing so.... Read More
Comprehensive, country-based sanctions can be seen as a two-party affair, involving Country A, which originates the sanctions, and Country B, which is the target of those restrictions.... Read More
As in the case of Cuba, US sanctions against Venezuela have a deeply ideological background.... Read More
As we have seen, sanctions are expanding, becoming increasingly diverse, covering not only countries but also individual persons or entities, and in some cases are very tightly targeted to prevent particular activities such as drug trafficking or human rights violations.... Read More
While a number of companies and individuals may be in violation of sanctions unknowingly – often because they are unaware of the connections and business dealings of their commercial partners – a separate group of actors is well informed and knowingly involved in the business of sanctions busting.... Read More
The reality for companies operating in Latin America and the Caribbean is that due diligence and compliance with sanctions is getting much more complicated than it was in the past.... Read More
In contrast to the comprehensive, country-focused approach that the US has taken in applying sanctions against Cuba and Venezuela, in the case of Nicaragua, ruled by left-wing autocrat Daniel Ortega (1979-1990 and 2007 to the present), the Washington administration has largely focused on sanctioning individuals and entities.... Read More
One important conclusion about the way sanctions are working in the LAC region is that companies need to keep abreast of what can often be fast-moving changes to sanction coverage, definition, and enforcement.... Read More
Academic experts, as well as politicians and policymakers, have been involved in a long and inconclusive debate on how effective sanctions really are in achieving their stated aims.... Read More
The discussion of sanctions in this paper does not lend itself to sweeping conclusions.... Read More
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- Introduction
- Overview: sanctions as a foreign policy tool
- United Nations sanctions
- European Union sanctions
- US sanctions
- Is Latin America disproportionately sanctioned?
- The Cuban embargo
- Cuban embargo – recent timeline
- Sanctions-busting: paying the price
- Secondary sanctions and the sovereignty debate
- Venezuelan embargo – recent timeline
- Unintended sanctions violations
- Intended sanctions violations
- Message to corporates: it is getting more complicated
- Nicaragua embargo: recent timeline
- Keeping up with the changes
- Do sanctions work?
- Conclusion: here to stay?