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Bank Sanctions in the Light of Principles of International Law
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Abstract: (2555 Views) |
Sanction is an international tool to force governments to change their behavior and it is imposed with the aim to make dramatic and fundamental changes in norms, structures and behavior of countries. Iran's banking system is considered as the government's arm; and the success of economic program of system is mainly affected by the extent to which the banking system is being targeted by sanctions. Bank sanctions increase risk of foreign investors and disruption to monetary and economic policies, and thus countries will face a shortage of foreign exchange reserves and a decline in the economic growth.
Analyzing the bases and discourse of these sanctions, the present study analyzed legal origins of bank sanctions and questioned the legitimacy of US and European bank sanctions against Iran under international treaties of the UN Universal Declaration of Human Rights. The findings indicated that the legal origin of the United Nations sanctions against Iran and also the separate sanctions of the United States and the European ::union:: are not legal and violate obvious principles of human rights or Erga omnes based on international treaties and laws and the UN Universal Declaration of Human Rights; hence, the scope of legitimacy of these sanctions is severely constrained and questioned in the light of international law and the United Nations Universal Declaration of Human Rights (UDHR).
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| Keywords: Bank sanctions, International law, Universal Declaration of Human Rights |
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Full-Text [PDF 290 kb]
(3050 Downloads)
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Type of Study: Research |
Subject:
Special
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