Banking system

Daniel Franchini

Chapter 19 in Elgar Encyclopedia of International Sanctions, 2025, pp 68-71 from Edward Elgar Publishing

Abstract: The banking system is crucial in enforcing international sanctions. An increasing number of sanctions imposed by states involve restrictions on access to institutions and infrastructures executing cross-border payments, and targeting foreign reserves held by central banks. The United States, leveraging the dominance of the US dollar, has led these initiatives, with the EU and other states following suit. This has sparked criticism and prompted alternative banking arrangements, though with limited success to date. Sanctions on central banks, particularly asset freezing, are also increasingly common but legally contested. Despite the controversies they raise, sanctions based on the banking system can be a potent tool for enforcing international law.

Keywords: Financial warfare; Correspondent banking; SWIFT; Central bank immunity (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035339525
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