Near Miss

The United States government and the United Nations  Security Council recently introduced sanctions  designed to discourage companies from doing
business in Iraq, but experts are split on whether they will  have much of an effect on corporate treasury and finance  departments or even if more sanctions are on the way.

In early August, the U.S. Treasury Department announced  new sanctions against three men suspected of financing  terrorism in Iraq and Syria. Two more men were added to  the list in mid-August. Any assets these men had in U.S.  jurisdiction were frozen, and U.S. citizens were banned from
doing business with them.

Meanwhile, the UN Security Council passed a resolution  in mid-August sanctioning six men, some of whom were the  same as on the U.S. list. The European Council met at the  end of August and issued a statement saying that it believes  that the recent terrorist activity in Iraq is a “direct threat to the  security of the European countries.”

The European Council expressed support for the UN  Security Council resolution and called on the organization to  go even further. “It requests the Council to consider a more  effective use of the existing restrictive measures, in particular  to deny ISIL the benefits of illicit oil sales or sales of other
resources on international markets,” the EC said.

This article was originally published at AFP Exchange, but is no longer available online.