July 28, 2021

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Will the US change its embargo policy? This diary presents the plans of the Biden administration





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The Wall Street Journal reported Tuesday that US President Joe Biden’s administration plans to reduce sanctions against hostile nations. In this way, Washington wants to avoid economic damage and better coordinate operations with its allies.

As of daily writing, the process of reviewing the embargo policy is underway and will be completed by the end of the summer, but representatives of the current administration are already identifying significant changes regarding the actions of the Donald Trump team, which has made the most use of sanctions. Than the previous one.

According to the WSJ, the new strategy is based on restricting large-scale campaigns, avoiding economic damage to third-party soldiers and abandoning a one-sided approach in favor of coordinating operations with allies. Members of the Biden administration fear that overuse of controls will incur costs, e.g. Encourages US financial institutions, and companies from other countries to develop permanent mechanisms to avoid sanctions.

This is especially true of sanctions against Iran, which have severely affected the country’s economy but have not changed the behavior of the Ayatollah regime.

Similarly, tough sanctions against Venezuela and North Korea have proven effective in restricting regimes’ access to global trade and financial networks, although the WSJ says they are not achieving long-term goals.

According to Reuters, these changes should be less related to policy for Russia, against which the new US administration has extended its sanctions, although the emphasis here is on coordination with the European Union and other allies.

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