What is an embargo?
The word embargo can often be heard on the news and on television. Leaders, politicians, journalists, economists and political scientists speak about him. Increasingly, it appears in the articles of sites that specialize in finance and the financial world.
Next, we take a closer look at what an embargo is.
By this word in general terms is meant the imposition of arrest, an obstacle to something. The concept of embargo can include economic, social, political implications.
- In politics, an embargo refers to a partial or complete cessation of trade with a country. Such a decision can be made by the United Nations, as well as by a specific country. As a rule, the embargo is taken as a repressive measure against the country of violation. Often embargoes are put forward in case of violation of the UN Charter.
- In economic terms, an embargo can imply a ban on the import and export of any products, including modern technologies, as well as currency.
- Finally, under the embargo can be understood the prohibition of calling at the ports of their country. Such a prohibition is issued by a member state of the conflict in relation to foreign courts. This is done in order to end economic relations with those countries that refuse for one reason or another to comply with trade agreements.
On our site there is an interesting thread of questions on this topic.