International Sanctions.

• Author: Zilioli, Chiara.
• TeilnehmendeR: Bismuth, Régis.; Thévenoz, Luc.
• Place / Publishing House: Boston : : BRILL,, 2024.; ©2024.
• Year of Publication: 2024
• Edition: 1st ed.
• Language: English
• Physical Description: 1 online resource (436 pages)

Prepared under the auspices of the International Monetary Law Committee of the International Law Association, this book is the first to focus on the financial and monetary law aspects of economic sanctions and examine their impact on central banks and payment systems.

Table of Contents

Front Cover -- Half Title -- Title Page -- Copyrights Information -- Contents -- Notes on Contributors -- Introduction -- 1 Money and Finance: the New Frontiers of International Sanctions -- 2 Sanctions and Central Banks -- 3 The Impact of Sanctions on Contractual Rights and Property -- Part 1: Money and Finance: the New Frontiers of International Sanctions -- 1 Economic and Financial Sanctions in International Law: Nature, Sources, and Reviewability -- 1 International Sanctions: an Examination of Terms -- 2 From General Embargoes to 'Smart' Financial Sanctions -- 3 Sources and Legality of Sanctions -- 3.1 UN-mandated Sanctions -- 3.2 Sanctions Applied by International Organizations in Response to Violations of Their Internal Norms by Their Members -- 3.3 Autonomous Sanctions -- 3.3.1 Autonomous Sanctions Imposed by the Injured State -- 3.3.2 Third-Party Countermeasures -- 4 Conclusion -- 2 The United States-Led Development of Financial Sanctions Since 1945 -- 1 Introduction -- 2 Legal Framework Underpinning US Financial Sanctions -- 3 Chronological Overview of US Sanctions -- 3.1 Sanctions from 1945 to 1990 -- 3.2 Sanctions from 1990 to the Present -- 4 The Shift towards Targeted Financial Sanctions -- 4.1 From State Actors to Criminal Groups -- 4.2 Primary versus Secondary Sanctions -- 4.3 Strengthened Enforcement Penalties -- 5 US Sanctions in Perspective - Selected Issues -- 5.1 Unilateral versus Coordinated Approach -- 5.2 Blocking of Assets - Sanctions Law Overriding Commercial Law -- 5.3 Evaluating the Effectiveness of Sanctions -- 6 Financial Sanctions as a Core Tool of US Foreign Policy -- Acknowledgements -- 3 Financial Sanctions: the Development of an EU Practice -- 1 Introduction -- 2 A Short History -- 2.1 A First Instance: Kuwait (and Iraq) -- 2.2 Expansion and Standards -- 2.3 Current State of Affairs.

3 Legal Bases: Past and Current -- 3.1 Double Legal Basis -- 3.1.1 Example: Sanctions against Russia for Aggression against Ukraine -- 3.2 Unanimity Generally Required for Capital Controls -- 4 Judicial Control: a Sketch -- 4.1 Affected Parties Can Go to Court -- 4.2 Judicial Deference to Council Discretion … -- 4.3 … ​Yet Full Review of Respect for Human Rights -- 4.4 Recent Case Law: Prigozhin and His Mother -- 4.5 Full Review of Respect for Fundamental Rights -- 5 Issues of Enforcement -- 5.1 Relying on Member State Action -- 5.2 Missing Willingness to Enforce -- 5.3 Implementation Reliant on Multiple Enforcers, Lack of Coordination -- 5.4 European Banking Authority Assessment -- 5.5 Role of the European Commission -- 5.6 A Call for a Brussels Sanctions Bureau -- 5.7 Directive on Criminal Offences and Penalties for the Violation of EU Sanctions -- 6 Special Issue: Return of Frozen Funds or Use for Compensation? -- 7 Perspectives: Intensification, Litigation, Coordination -- Acknowledgements -- 4 Weaponisation of Money and Payments -- 1 The Role of the US Dollar in the International Monetary System -- 2 Considerations about Sovereignty -- 3 SWIFT -- 4 Sanctions on Russia's Central Bank -- 5 International and Regional Dimension -- 6 Conclusion -- Appendix -- In the US -- In the UK -- In the European Union -- Acknowledgements -- 5 Towards a New Extraterritoriality of EU Sanctions? -- 1 Introduction -- 2 The (Somewhat Ambiguous) EU Stance on the Extraterritoriality of Sanctions -- 2.1 As a Potential Target of US Extraterritorial Sanctions -- 2.2 As an Entity Adopting Economic Sanctions -- 3 Three Dimensions of the Expanded Territorial Reach of EU Sanctions -- 3.1 The Expanded Reach of Targeted Sanctions -- 3.1.1 Country-Based EU Sanctions Programs -- 3.1.2 Theme-Based EU Sanctions Programs.

3.1.3 Fighting Circumvention and Facilitation through Individual Sanctions -- 3.2 The New Frontiers of Sectoral Sanctions -- 3.3 The Potential Extraterritorial Effects of Compliance Requirements -- 3.3.1 EU Touch Points -- 3.3.2 Parent-Subsidiary Relationships -- 3.3.3 Due Diligence and Anti-circumvention Prevention -- 3.3.4 New Compliance Requirements -- 4 Concluding Remarks -- 6 Evolution of the UK Financial Sanctions Framework Following the UK's Withdrawal from the EU -- 1 Introduction -- 2 The UK Sanctions Framework Pre-EU-Withdrawal -- 2.1 EU Sanctions -- 2.2 UN Sanctions -- 2.3 Autonomous UK Sanctions -- 3 Sanctions and Anti-Money Laundering Act 2018 -- 3.1 From EU Exit to SAMLA 2018 -- 3.2 Purposes -- 3.3 Types of Sanctions -- 3.3.1 Financial Sanctions -- 3.3.2 Immigration Sanctions -- 3.3.3 Trade Sanctions -- 3.3.4 Aircraft and Shipping Sanctions -- 3.3.5 Other Sanctions for the Purposes of UN Obligations -- 3.4 Implementation and Enforcement -- 3.5 Early Forging of an Autonomous UK Sanctions Regime -- 4 Russia's Invasion of Ukraine and the EC(TE)A 2022 -- 4.1 Onset of War in Ukraine -- 4.2 Legislative Response -- 4.3 Changes to Sanctions Framework -- 4.3.1 Ministerial Reviews -- 4.3.2 Discretionary Sanctions -- 4.3.3 Designations by Name -- 4.3.4 Designations by Description -- 4.3.5 Enforcement -- 5 The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) and the Future Landscape -- 5.1 Key Aspects of Reform -- 6 Reflections -- 6.1 Differences in Sanctions Legislation between Jurisdictions -- 6.1.1 The UK's Flexibility in Approach Post-EU Withdrawal -- 6.2 Convergence and Cooperation -- 6.3 Examples of UK-EU Divergence -- 6.3.1 Ownership and Control -- 6.3.2 Licensing -- 7 Other Practical Challenges -- 7.1 Financial Firms -- 7.2 OFSI -- 8 Current Debates and Conclusion -- Acknowledgements.

Part 2: Central Banks and Financial Sanctions -- 7 Economic Sanctions and Central Bank Immunity -- 1 Introduction -- 2 Central Bank Immunity -- 3 Immunity and Sanctions on Central Banks -- 3.1 Blocking or Freezing Assets -- 3.2 Enforcement of Asset Freezes -- 3.3 Central Banks and Recognition of Governments -- 3.4 Confiscation of Assets: State Sponsors of Terrorism -- 4 Sanctions on the Russian Central Bank Assets -- 5 Contested Legal Issues Related to Sanctions and Central Bank Immunity -- 5.1 Immunity and Executive Action -- 5.2 Countermeasures -- 6 Conclusion -- 8 The Use of Inmobilised Assets and Reserves of the Central Bank of Russia -- 1 The Path towards the Use of Assets and Reserves of the Russian Central Bank: Legal and Political Context -- 2 The Legal Constraints -- 3 The Solutions Proposed -- Acknowledgements -- 9 Beyond Immunities: Sanctions and the Fundamental Rights of Central Banks -- 1 Introduction -- 2 Sanctions and EU Fundamental Rights -- 3 Central Banks as Claimants of Fundamental Rights? -- 3.1 ECHR: Fundamental Rights as Individual's Rights -- 3.2 CJEU: State Emanations as 'Persons' -- 3.3 The Personal Scope of Fundamental Rights -- 3.3.1 (Foreign) Public Authorities -- 3.3.2 Foreign Central Banks -- 4 Fundamental Rights of Central Banks: Merits and Consequences -- 10 Economic Sanctions and Central Banks: Applying the Principles Articulated -- 1 Introduction -- 2 Economic Sanctions Generally and as Applied to Iran -- 3 The Hostage Crisis -- 4 The "Deal" to Release the Hostages -- 5 Sanctions against the Russian Federation and Its Central Bank -- 6 The Principles Established in the Bank Markazi Decision -- 6.1 The Contentions of the Parties -- 6.1.1 Bank Markazi's Position -- 6.1.2 The New York Fed's Position -- 6.2 The Tribunal's "Straightforward" Decision on the Merits -- 6.2.1 No Legal "Wrong" by the New York Fed.

6.2.2 Bank Markazi's Damage Contentions -- 6.3 Summary of the Tribunal's Merits Analysis -- 7 Is the Past Prologue: Can the Tribunal's Disposition of Bank Markazi's Claims Be Viewed as Precedent for Claims That Will Be Made by the Central Bank of the Russian Federation? -- 7.1 Assets Frozen and Creditor Classes -- 7.2 Compliance with Freeze Orders -- 7.3 Investment of Cash Assets -- 8 Conclusion -- 11 The Role of Central Banks in the Application of International Financial Sanctions -- 1 Introduction -- 2 The ECB's Role in the Adoption of EU Restrictive Measures -- 3 The ECB's Role in the Implementation of EU Restrictive Measures -- 3.1 The ECB's Obligation to Implement Sanctions -- 3.1.1 Monetary Policy -- 3.1.2 Banknotes -- 3.1.3 Payment Systems -- 3.1.4 Eurosystem Reserve Management System -- 3.2 Crypto -- 3.3 The Role of the ECB as a Prudential Supervisor in the Context of Prudential Supervision -- 3.4 The Role of the ECB in the Context of International Coordination -- 4 Potential Limits to the Implementation of EU Restrictive Measures by the ECB -- 4.1 The ECB's Mandate -- 4.2 Fundamental Rights -- 4.3 International Law -- 5 Concluding Remarks -- 12 The EU's Restrictive Measures -- 1 The Sanctions Addressed to the Central Bank of the Russia (CBR) in Early 2022 and the Impact on the Stability of the Russian Banking System -- 1.1 The Sanctions Imposed in February 2022 -- 1.2 The Sanctions Imposed in the First Half of March 2022 -- 1.3 The Impact on the Stability of the Russian Banking System -- 2 The Spillover Effect in the Euro Area: the Case of the Credit Institutions Included in the Group of Sberbank Europe (Austria) -- 2.1 The Position of Sberbank Europe and Its Group in the Banking Union (BU) -- 2.2 Assessment of the Two First Conditions for Resolution in Relation to the Credit Institutions in the BU Group of Sberbank Europe.

2.2.1 Assessment of the Failing or Likely to Fail (FOLTF) Resolution Condition.