chapter  8
16 Pages

Financial sanctions as a weapon for combatting grand corruption

WithAnna Bradshaw

Financial sanctions might reflect the concerns raised to date about the appropriateness of misappropriation sanctions and their application in practice. Financial sanctions are, along with trade sanctions, a standard feature of economic sanctions. In the European Union (EU) financial sanctions are one of a range of ‘restrictive measures’ that can be imposed on natural or legal persons and groups or non-State entities under Title V of the Treaty on EU and Title IV of the Treaty on the Functioning of the EU, in pursuit of the Common Foreign and Security Policy. Misappropriation sanctions form part of a broader package of economic sanctions adopted by the EU in response to Russia’s annexation of Crimea; under which only a small portion of designations are on misappropriation-related grounds. The chapter focuses on how legal challenges to misappropriation sanctions have been determined, as these decisions are publicly available.