When faced with fresh upheaval in the world, the first “weapon” the EU reaches for today are the so-called “targeted” sanctions. Though there is a significant overlap between traditional sanctions falling short of a full trade embargo, e.g. those which prohibit dealings in a commodity such as petroleum with specified states, the innovation presented by modern economic sanctions is the listing of particular individuals. Such listed persons are prohibited from travelling to the EU, funds owned or controlled by them in bank accounts with EU banks are frozen and those persons within the scope of the EU regulations are prohibited from “making available directly or indirectly to or for the benefit of” listed persons “funds or economic resources”.
