Economic sanctions typically a ban on trade, possibly limited to certain sectors such as armaments, or with certain exceptions (such as food and medicine)Targeted Sanctions. These tools may include various forms of trade barriers, tariffs, and restrictions on financial transactions.
While the goals of sanctions are to force a country to alter its behavior, there is much variation as to how the sanctions are leveled and to whom they target. Sanctions can target a country as a whole, as in the case of an embargo on a country’s exports (e.g. U.S. sanctions on Cuba). They can also target specific industries, such as an embargo on the sale of weapons of petroleum. Another example is since 1979, the United States and European Union have prohibited the import or export of goods and services to Iran.
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The success of sanctions varies in accordance with how many parties are involved. Bilateral sanctions are more effective than unilateral sanctions, but the success rate, in general, is fairly low. In many circumstances, the sanctions caused economic harm without changing the target country's policies. Sanctions are ultimately blunt tools of foreign policy, because their deployment is rarely precise enough to affect only the target economy, and because they presuppose that economic harm will lead to the sort of political pressure that will benefit the instigating country.
Also, try :
Why Economic Sanctions Do Not Work
Author(s): Robert A. Pape
13 times that economic sanctions really worked. By Adam Taylor April 28, 2014. Washington Post