Financial sanctions

Sascha Lohmann

Chapter 26 in Elgar Encyclopedia of International Sanctions, 2025, pp 90-92 from Edward Elgar Publishing

Abstract: Financial sanctions have emerged as the go-to instrument for policymakers in nation states and international institutions to pursue a growing number of national security, foreign policy, and economic policy objectives. Encompassing a variety of different types of restrictions on asset stocks and capital flows, the frequency and intensity of financial sanctions have waxed and waned. Pioneered by the US and UK governments during World War I and II, their comprehensive application against entire countries inflicted massive hardship on civilian populations. Since the early 1990s, a transnational reform movement has pushed for a targeted use against individuals and entities hailing from state and non-state actors in order to prevent, or at least minimize, unintended negative consequences. At the dawn of a new geo-economic age, in which economic interdependence appears (yet again) as a risk rather than an opportunity, the use of financial sanctions has seemingly come full circle. The return to a more comprehensive application in the case of the Russian Federation has brought about a debate going beyond freezing to seizing financial assets. Regardless of the outcome, financial sanctions will remain highly relevant as well as a consequential instrument in the arsenal of economic statecraft in the future.

Keywords: Restrictions; Financialization; Financial stocks and flows; Targeting (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035339525
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