![]() ![]() ![]() ![]() The most common legislative authority the President relies on to impose sanctions today is IEEPA, which Congress passed in 1977 in an effort to demarcate more clearly the President’s emergency powers. Currently, TWEA remains the underlying legislation only for sanctions against Cuba. This statute conferred on the President wide-ranging powers to restrict trade between the United States and foreigners or countries considered enemies during wartime. The key legislative authorities underpinning US sanctions are the Trading with the Enemy Act (TWEA), the International Emergency Economic Powers Act (IEEPA) and the United Nations Participation Act (UNPA).Ĭongress passed TWEA in 1917, at the time of the United States’ entry into the first world war, to ‘define, regulate, and punish trading with the enemy’. The constitutional authority for these interwoven powers stems from Article II, Section 3 (that the Executive shall ‘take Care that the Laws be faithfully executed’) and Article I, Section 8 (Congress’ legislative power in respect of foreign commerce). OFAC then issues and enforces those sanctions regulations as published in the Code of Federal Regulations (CFR). In the ordinary course, Congress passes statutes that authorise the President to promulgate sanctions through executive orders. US economic and trade sanctions are long-standing US foreign policy tools directed at specific jurisdictions, such as Cuba, Iran and North Korea, and specific governments, government officials, companies or individuals determined to have acted contrary to US foreign policy and national security objectives, such as with respect to nuclear weapons proliferation or narcotics trafficking. This chapter surveys US economic and trade sanctions, with a particular focus on the authorities underlying US sanctions and the processes by which the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) regulates sanctions and exemptions thereto. This is an extract from the second edition of GIR's The Guide to Sanctions. John D Buretta and Megan Y Lew, Cravath, Swaine & Moore LLP ![]()
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