Sanctions against Libya

Article Abstract:

On April 15, 1992, United Nations sanctions go into effect for Libya's stance in investigations of airline bombings in Scotland and Niger. The UN measures barring sales or service of arms or aircraft and any air travel to Libya are in addition to the 1986 sanctions enacted by the US. The Treasury Department has been locating specially designated nationals (SDNs) of the Libyan government. The assets of these SDNs are frozen to thwart any attempts to bypass the sanctions. Firms dealing with Libya have paid $549,000 in fines.

Economic policy, International relations, Economic sanctions, Sanctions (International law), United Nations, Libya, Pan Am Flight 103 Bombing Incident, 1988, Libyan foreign relations, United States. Department of the Treasury

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Business claims against Iraq: decision breaks new ground

Article Abstract:

The United Nations Compensation Commission has created a precedent in deciding how to deal with business losses arising out of Iraq's invasion of Kuwait. Contradictory to previous reparations law, the new decision will hold Iraq responsible for losses on contracts that could not be fulfilled because Iraq invaded Kuwait. This would seem to include contracts broken because of the UN embargo.

Economic aspects, Persian Gulf War, 1991, Reparations, War reparations

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Financing trade with Iran: how the deals work

Article Abstract:

Dealing with Iran is unlike most other international trade activities. Iran will seek out a provider of merchandise, negotiate a price, and then issue a letter of credit payable in 360 days. There is a thriving discount business in these letters of credit, where the merchant has sold his payment from Iran for a lower payment in advance. Iran is currently paying in deutsche marks.

Usage, Finance, International trade, Letters of credit

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