1st Edition
Economic Sanctions under International Law Trade Continuity with Special Purpose Vehicles
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
Biography
P. Sean Morris is a Research Scholar in the Faculty of Law, University of Helsinki and an Affiliated Fellow at the Erik Castren Institute of International Law and Human Rights, University of Helsinki. Sean is a generalist international lawyer and has edited the following books: Intellectual Property and the Law of Nations, 1860 – 1920 (2022); The League of Nations and the Development of International Law: A New Intellectual History of the Advisory Committee of Jurists (2021); Transforming the Politics of International Law: The Advisory Committee of Jurists and the Formation of the World Court in the League of Nations (2021).
