Financial sanctions: the development of an EU practice

This chapter seeks to sketch the development of the regime of financial sanctions applying to third countries or actors adopted by the European Community (Union) since initial forays into this area: from the joint adoption of sanctions against Argentina in the context of the Falkland Islands (Malvinas) conflict to the series of sanctions following Russia’s full-scale invasion of Ukraine. The contribution will set out the history of legal bases adopted for the sanctions, explain the ‘dual regime’ (double sets of legal acts laying down sanctions) and draw a canvas of the financial sanctions applied by the EU.