An embargo (from the "Spanish embargo, meaning hindrance, obstruction, etc. in a general sense, a trading ban in trade terminology and literally ""distraint" in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country or a group of countries. Embargoes are considered strong diplomatic measures imposed in an effort, by the imposing country, to elicit a given national-interest result from the country on which it is imposed. Embargoes are similar to "economic sanctions and are generally considered legal barriers to trade, not to be confused with "blockades, which are often considered to be acts of "war.
Embargoes can mean limiting or banning export or import, creating quotas for quantity, imposing special tolls, taxes, banning freight or transport vehicles, freezing or seizing freights, assets, bank accounts, limiting the transport of particular technologies or products (high-tech) for example "CoCom during the cold-war.
In response to embargoes, an independent economy or "autarky often develops in an area subjected to heavy embargo. Effectiveness of embargoes is thus in proportion to the extent and degree of international participation.
Companies must be aware of embargoes that apply to the intended export destination. Embargo check is difficult for both importers and exporters to follow. Before exporting or importing to other countries, firstly, they must be aware of embargoes. Subsequently, they need to make sure that they are not dealing with embargoed countries by checking those related regulations, and finally they probably need a license in order to ensure a smooth export or import business. Sometimes the situation becomes even more complicated with the changing of politics of a country. Embargoes keep changing. In the past, many companies relied on spreadsheets and manual process to keep track of compliance issues related to incoming and outgoing shipments, which takes risks of these days help companies to be fully compliant on such regulations even if they are changing on a regular basis. If an embargo situation exists, the software blocks the transaction for further processing.
An undersupplied U.S. gasoline station, closed during the oil embargo in 1973
"The Embargo of 1807 was a series of laws passed by the U.S. Congress 1806–1808, during the second term of President "Thomas Jefferson. Britain and France were engaged in a major war; the U.S. wanted to remain neutral and trade with both sides, but neither side wanted the other to have the American supplies. The American national-interest goal was to use the new laws to avoid war and force that country to respect American rights.
One of the most comprehensive attempts at an embargo happened during the "Napoleonic Wars. In an attempt to cripple the "United Kingdom economically, the "Continental System – which forbade "European nations from trading with the "UK – was created. In practice it was not completely enforceable and was as harmful if not more so to the nations involved than to the British.
The United States imposed an embargo on Cuba on February 7, 1962. Referred to by Cuba as "el bloqueo" (the blockade), the "US embargo on Cuba remains one of the longest-standing embargoes. The embargo was embraced by few of the United States' allies and apparently has done little to affect Cuban policies over the years. Nonetheless, while taking some steps to allow limited economic exchanges with Cuba, President "Barack Obama reaffirmed the policy, stating that without improved human rights and freedoms by Cuba's current government, the embargo remains "in the national interest of the United States."
In 1973–1974, "Arab nations imposed an "oil embargo against the United States and other industrialized nations that supported "Israel in the "Yom Kippur War. The results included a sharp rise in oil prices and "OPEC revenues, an emergency period of energy "rationing, a "global economic recession, large-scale "conservation efforts, and long-lasting shifts toward "natural gas, "ethanol, "nuclear and other "alternative energy sources.
In effort to punish "South Africa for its policies of "apartheid, the "United Nations General Assembly adopted a voluntary international oil embargo against South Africa on November 20, 1987; that embargo had the support of 130 countries.
List of countries under embargo
- "Sudan by "US since 1997.
- "China (by "EU and US), arms embargo, enacted in response to the "Tiananmen Square protests of 1989.
- "Iran (by "US and US international allies), notably bar nuclear, missile and many military exports to Iran and target investments in: oil, gas and petrochemicals, exports of refined petroleum products, banks, insurance, financial institutions, and shipping. Enacted 1979, increased through the following years and reached its tightest point in 2010.
- "North Korea (by "UN, "USA, EU), "luxury goods (and arms), enacted 2006.
- "Turkish Republic of Northern Cyprus, (by UN), consumer goods, enacted 1975.
- "Cuba ("United States embargo against Cuba), arms, consumer goods, money, enacted 1958.
- "European Union arms embargo on the People's Republic of China.
- "Japan, animal shipments due to lack of infrastructure and radiation issue after the "2011 Tohoku earthquake aftermath.
- "Indonesia (by "Australia), live cattle because of cruel slaughter methods in Indonesia.
- "Gaza Strip by "Israel since 2001, under arms blockade since 2007 due to the large number of illicit arms traffic used to wage war, (occupied officially from 1967 to 2005).
- "Syria (by EU, US), arms and imports of oil.
- EU, US, Australia, Canada and Norway (by Russia) since August 2014, beef, pork, fruit and vegetable produce, poultry, fish, cheese, milk and dairy. On August 13, 2015, the embargo was expanded to "Albania, "Montenegro, "Switzerland, "Japan, "Iceland, and "Liechtenstein.
Former trade embargoes
- "Federal Republic of Yugoslavia (by UN).
- "North Vietnam (1964–1975) and later "Vietnam (1975–1994), trade embargo by the US.
- "Republic of Macedonia (by "Greece), complete trade embargo (1994-1995).
- "Libya (by "United Nations), weapons, enacted 2011 after mass killings of Libyan protesters/rebels and ended later that year after the "overthrow and summary execution of Gaddafi.
- "India (by UK), nuclear exports restriction.
- "Mali (by "ECOWAS) total embargo in order to force Juntas to give power back and re-install National constitution. Decided on April 2, 2012.
- "Pakistan (by UK), nuclear exports restriction, enacted 2002.
- "Serbia by "Kosovo's unilaterally declared government, since 2011.
- "Embargo Act of 1807.
- "Former Yugoslavia Embargo November 21, 1995 "Dayton Peace Accord.
- "Georgia ("by Russia), agricultural products, wine, mineral water, enacted 2006, lifted 2013.
- "United States embargo against Nicaragua.
- "Italy by "League of Nations (October 1935) after the "Italian invasion of Abyssinia.
||Look up embargo in Wiktionary, the free dictionary.
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