Tag Archives: Financial sanction

Finanz und Wirtschaft, November 24, 2018. PDF. Ökonomenstimme, November 26, 2018. HTML. European firms dealing with Iran face U.S. “secondary sanctions.” European counter measures (including a blocking statute) prove toothless. Even central banks in the European Union surrender to U.S. pressure, as does SWIFT. Ignorance is bliss: For a sovereign, the best protection against foreign states pressuring to monitor domestic citizens and businesses may be to know as little as possible.

Finanz und Wirtschaft, November 24, 2018. PDF. Ökonomenstimme, November 26, 2018. HTML. European firms dealing with Iran face U.S. “secondary sanctions.” European counter measures (including a blocking statute) prove toothless. Even central banks in the European Union surrender to U.S. pressure, as does SWIFT. Ignorance is bliss: For a sovereign, the best protection against foreign states pressuring to monitor domestic citizens and businesses may be to know as little as possible.

In the FAZ, Philip Plickert reports that Deutsche Bundesbank changed its terms of business. Starting August 25, the Bundesbank may refuse cash transactions with a bank if the Bundesbank fears that, counter to the bank’s assurances, the cash transaction might help the bank or its customers evade sanctions or restrictions with the aim to impede money laundering or terrorism finance. Conveniently, this will allow the Bundesbank to reject a request by European-Iranian Handelsbank to withdraw...

In the FAZ, Philip Plickert reports that Deutsche Bundesbank changed its terms of business. Starting August 25, the Bundesbank may refuse cash transactions with a bank if the Bundesbank fears that, counter to the bank’s assurances, the cash transaction might help the bank or its customers evade sanctions or restrictions with the aim to impede money laundering or terrorism finance. Conveniently, this will allow the Bundesbank to reject a request by European-Iranian Handelsbank to withdraw...

On Moneyness, JP Koning discusses the ability or not of the U.S. treasury to enforce financial sanctions overseas. Focusing on the Iran sanctions that ran from 2010 to 2015 (with strong international support) and are scheduled to be reimposed soon (without such support) Koning compares the U.S. sanctions regime to an exclusivity agreement that a large retailer imposes on a manufacturer. Foreign banks in places like Europe were free to continue providing transactions services to Iran, but...