Business, Legal & Accounting Glossary
An official ban on trade or other commercial activity with a particular country. A government prohibition against the shipment of certain products to a particular country for economic or political reasons.
Economic sanctions (synonym: embargo) are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual.
In international commerce, an embargo is a government-mandated sanction that restricts trade with a foreign county.
An embargo can restrict imports, or exports, or both. The rationale for an embargo is political punishment of a country. For instance, the 1973 oil crisis affecting the United States resulted from OPEC’s embargo on oil sales to the US in retaliation for providing military assistance to Israel. The embargo is prone to hurt the domestic industries affected by the policy and to invite retaliation. The US uses the embargo in many specific contexts, particularly against countries it considers to be sponsors of terrorism. Less extreme restraints on free trade than the embargo, such as tariffs and export duties are even more common. The term embargo is sometimes misused to apply to a boycott, which is generally a grass-roots movement to cease purchasing from a business, also as a means of punishment.
They had a trade embargo against the other country, so there were no more dealings between them for a long time.
Cuba has been under an embargo from the USA for many years. In order for goods to flow again, Cuba must ensure that it is not a threat to the USA.
In past years, the embargo on Cuba prevented the country from being able to take advantage of upswings in the global economy. With the recent changes in the US stance towards Cuba, that could change soon.
get round
economic integration
free trade agreement
crude stockpiles
put on
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This glossary post was last updated: 30th October, 2021 | 0 Views.