In 2015, BNP Paribas was required to forfeit t $8.83 billion and pay a $140 million fine after failing to comply with sanctions against Sudan, Cuba and Iran.
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German banks located outside of areas regulated by a key financial watchdog sharply increased business with sanctioned countries.
People in the Russian city of St. Petersburg stand in line to withdraw U.S. dollars and euros from an ATM. Ordinary Russians faced the prospect of higher prices as western sanctions over the invasion of Ukraine sent the ruble plummeting.
(AP Photo/Dmitri Lovetsky)
Over-reliance on sanctions and economic warfare measures have led to strategic complacency and the avoidance of negotiations on the part of the western governments.
A feature of the international community’s response to Russia’s aggression against Ukraine has been the adoption of sanctions. So what are sanctions? And are they likely to have any meaningful impact?