Development of International Sanctions Regimes in a Historical Perspective

Abstract

The paper provides the historical insight into international sanctions regimes that were imposed against the USSR, the PRC, Iran, Iraq, Libya and Belarus by western governments (mainly the US and the EU). To this effect, the authors analyzed core outcomes for socioeconomic development of the countries caused by external economic restrictions put on them. As a consequence, they reached a conclusion that sanctions methodology remains under permanent development especially during the financialization process in the global economy. This trend turns the common vector of sanctions’ evolution from industrial and commercial spheres towards financial sector where the countries-initiators of financial sanctions globally and regionally play the main role.