Paraphrase it please
| 21:34 Jul 24, 2015 |
| English language (monolingual) [PRO] Bus/Financial - Business/Commerce (general) | |||||||
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| SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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| 4 +1 | Some pointers below |
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| 4 | Please say it in another way |
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| Discussion entries: 5 | |
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Answers
5 hrs confidence: 
| paraphrase it please Please say it in another way Explanation: It is well defined in any dictionary |
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15 hrs confidence: peer agreement (net): +1
peer agreement (net): +1| paraphrase it please Some pointers below Explanation: "US secondary sanctions may not trigger typical illegality clauses, as technically the targeted behaviour is not a violation of US law; rather, the US threatens to impose sanctions on those who engage in it (no judicial process is involved)." US secondary sanctions are sanctions imposed by the US against financial institutions that conduct business with a country against which the US applies country-based sanctions. Let us assume that country is Iran. The institutions against which such secondary sanctions are directed are those in third countries (neither the US nor Iran) that deal with Iran, perhaps by making loans or buying oil. Sanctions against Iran work by prohibiting US companies and individuals from doing business with anyone in Iran, or, in the case of secondary sanctions, from doing business with institutions in other countries that do business with Iran. Illegality clauses are clauses that render contracts, such as loan agreements, void, releasing the parties from their obligations, if it becomes illegal for them to be fulfilled. Applying secondary sanctions may not render contracts with the third-country institutions void in this way, because the targeted behaviour, namely doing business with Iran, is not against US law (US law in this area only covers US citizens and entities). Therefore no judicial process is involved; the US does not and cannot prosecute foreign banks in US courts for dealing with Iran. But the US threatens to impose sanctions on such foreign institutions, basically by denying them access to the US market and financial system. So to put it briefly, what this is saying is that US secondary sanctions, applied against financial institutions in third countries that deal with Iran, work not by rendering those deals void on legal grounds, but by preventing the institutions that deal with Iran from doing business in and with the US. |
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