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Economic Sanctions under International Law: Trade Continuity with Special Purpose Vehicles

Economic Sanctions under International Law: Trade Continuity with Special Purpose Vehicles

Author: P. Sean Morris
Publisher: Routledge
ISBN: 9781032554600
Published In: August 2024
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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The effects of US secondary sanctions are broad and are often designed to cripple the target country’s economy and currency. Some states have sought to circumvent these sanctions by setting up a special purpose vehicle to facilitate trade and financial transactions with the sanctioned country on humanitarian grounds. Although the nature of these special purpose vehicles is new and experimental, they are little understood, not least how they operate and function in international law. This volume addresses this gap by identifying and examining some of the legal issues that a special purpose vehicle such as the Instrument in Support of Trade Exchanges (INSTEX) generates.

The collection brings together leading legal academics, sanctions practitioners and policy experts to provide an assessment of the special purpose vehicle in the context of secondary sanctions in international law. It will be of interest to researchers and academics in International law, Security law, Economic law and Comparative law.

Part I: Iran and Economic Sanctions – General Framework

1.The (Il)legality of Coercive Secondary Sanctions: Non-compliance Mechanisms as Legitimate Acts of Retorsion, Ben Murphy

2.Iran’s position in the world economy in the era of sanctions, Andżelika Kuźnar

3."The economic policeman of the planet": Sanctions, US extraterritoriality and the case of Iran, Flavia Canestrini

4.The True Colors of Economic Sanctions, Andrés Téllez-Núñez

Part II: The Special Purpose Vehicle Experiment in International Law

5.Special Purpose Vehicles and International Trade Sanctions, Marcin Menkes

6.Why INSTEX and not something else? Signaling the illegitimacy of US foreign policy and US secondary sanctions, Keith Preble

7.Violation of Human Rights: Failure to Revive the JCPOA through Special Purpose Vehicles, Zeynab Malakouti Khah

8.The United States’ Secondary Sanctions, Public International Law, and the European Union – Defending European Foreign Policy with a Blunt Sword, Patrick C. R. Terry

9.Certain Iranian Assets from a Sanctions perspective, Ukri Soirila

Part III: Taming Economic Sanctions: Responses and Developments

10.China’s Countering Foreign Sanctions Regime: An Initial Assessment, Shen Wei and Zhang Beibei

11. Brief legal and doctrinal analysis of the rulings of the arbitrazh courts of the Russian Federation related to the consideration of disputes with sanctioned persons, Konstantin Branovitskiy and Arina Sukhova

12. Financial (Secondary) Sanctions and the Creation of a New International Payments System, Roberto Soprano

13. Extraterritorial and Secondary Sanctions and the Problem of Overcompliance, Joy Gordon

14. International trade sanctions and bilateral agreements: A concluding question on secondary sanctions in light of Russian wartime economic diplomacy, P. Sean Morris