Regulations governing banking sanctions in the light of international law

Subject Areas : International Legal Research

zabiholah Porjan Abad ¹ , ali zare ² , mohsen mohebi ³ , saber niyavarani ⁴

1 - PhD student in International Law, Faculty of Law, Theology and Political Science, Science and Research Unit, Islamic Azad University, Tehran, Iran.
2 - Assistant Professor, Department of Private Law, Faculty of Law, Theology and Political Science, Science and Research Unit, Islamic Azad University, Tehran, Iran.
3 - Assistant Professor, Department of Public and International Law, Faculty of Law, Theology and Political Sciences, Science and Research Unit, Islamic Azad University, Tehran, Iran
4 - Assistant Professor, Public and International Law Department, Faculty of Law, Theology and Political Sciences, Science and Research Unit, Islamic Azad University, Tehran, Iran.

Received: 2021-07-23 Accepted : 2022-07-11 Published : 2022-05-22

Keywords: Economic embargo, banking embargo, OFAC, compliance mechanism,

Abstract :

Field and Aims: One of the tools to guarantee the implementation of general international law is sanctions against countries, which were placed in the hands of the United Nations Security Council based on the United Nations Charter, so that according to it, it can deal with international crises that threaten global peace and security. to manage The sanctions of the Security Council against Iran are derived from the seventh chapter of the United Nations Charter, which talks about "threats or violations of peace in the world". One of the targets of these sanctions are the banks, and in this article we will discuss the international regulations governing their sanctions.Method: This research was carried out in terms of practical purpose and in terms of gathering information in a documentary way and through the study of valid laws and sources, and the obtained information was analyzed in a descriptive-analytical manner.Findings and Conclusions: The Council of Ministers of the European Union has so far approved various and numerous sanctions against Iranian banks in the form of independent resolutions. EU sanctions require all member countries to comply with them, and the cancellation of sanctions is done by the Council of Ministers of the European Union by approving a plan in this council. In fact, the government of the United States of America and the European Union with this action; It has violated the treaty obligations, the rules related to the international responsibility of the governments and the specific obligations of the US government not to interfere in the internal affairs of Iran, and the European Union also violated the resolutions of the Security Council as well as articles 24 and 25 of the United Nations Charter and Even articles 53 and 103 of the charter (without the permission of the Security Council) sanction the Islamic Republic of Iran, and even these cases are in conflict with article 59 of the plan of international responsibility of governments, which were among the reasons for conducting this research.

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