Economic sanctions in modern international relations: new displays of use

Abstract

The given article deals with the problems of economic sanctions at the present stage of international economic relations. The development of the world economy forms new approaches to international economic relations, new elements arise in relations between states, their groups and international economic and financial organizations. Globalization is beginning to crack, and conflicts of national interests are increasingly emerging between states. As a result, various types of sanctions are increasingly beginning to occupy a special place among the new challenges for the modern system of international economic relations. There are publications of scientists and practitioners which are devoted to this topic, including: M.Golliard, G.C.Hufbauer, K.A.Elliot, C.A.El-Ashker, H.Laurila, T.Madies, B.Oegg, J.Ryszka, P.Rudolf, J.J.Schott, V.Sušová-Salminen, H.Schneider, M.C.Steinegger, V.L.Tshubarev. Most of these studies are devoted to the legal basis of economic sanctions, but their economic component with new characteristics in accordance with modern challenges caused by the peculiarities of the development of international economic relations still remains ignored. The issues of clear definition of sanctions, their specifics in international economic relations, legal status, legality of application, and effectiveness of regulation remain problematic. The analysis made it possible to identify aspects that are not sufficiently represented theoretically when justifying practical actions in this segment of foreign economic activity. The article proves the need for proper justification and unification of the definition of "sanctions". This may become a prerequisite for preventing abuses by separate states in their own interests and making appropriate clarifications to the regulatory framework of international organizations, primarily the UN. It is proposed to specify the principles of international sanctions in the regulatory documents of the UN and the EU, and proposals were made on the range of given principles. There is drawn attention to the new characteristic features of international economic sanctions, in particular, giving them protectionist features, and using them as tools of aggressive protectionism in promoting the national interests of the respective states in order to achieve competitive advantages.