Part IV Exchange Controls, Exchange Rates, and Sanctions, 17 Sanctions and Monetary Obligations

17.01 The preceding chapters in this Part have demonstrated that a State has the right to impose exchange controls to limit the outward flow of money, and that the existence of such controls is entitled to a degree of international recognition. 17.02 The present chapter will consider economic sanctions which, likewise, States may seek to impose restrictions on outward transfers.1 They do, however, differ from exchange controls in terms of their extent. A legitimate system of exchange controls applies as against foreign countries generally, and is designed for the...