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5 historic trade embargoes and their economic impact

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North Korea

Everybodys favourite little isolated fiefdom has some big restrictions levied against it when it comes to trade. The first, and most logical, involves arms and anything amounting to nuclear weaponry assistance.

The recent reported hacking by North Korea that has resulted in a number of embarrassing Hollywood emails surfacing has brought the issue of how isolated the Asian nation is to the rest of the world.

Quite amusingly, when you consider the Kim dynastys penchant for caviar, brandy and sharks fin, there is a embargo against the importing by UK and US businesses of luxury goods into the region.

It is possible to trade with North Korea if you are from the US and UK, as long as you arent dealing with any one of the hundred or so blacklisted individuals, companies or government agencies.

For now, like Cuba, North Korea remains a country that has nowhere near the technological delicacies on show as the rest of the world. Famine is rife in many parts of the country, and until the powers that be make friends with global leaders it’s safe to say that it’s population will remain without many of the luxuries we take for granted these days. Frankly, that is not going to happen soon.

Iran

A quick trip to the GOV website reveals that: The UK government does not encourage trade with, or investment in, Iran and has withdrawn all commercial support for trade. If you decide to trade with Iran, you do so at your own risk.

So it’s a sink or swim stance for those wishing to engage with the rather volatile nation. There will be opportunities abound, but get involved at your own peril.

As you may have guessed, the theme of nuclear figures highly in the embargoes that currently exist between Iran and the rest of the world. Even though situations have cooled since Mahmoud Ahmadinejad ceded control of the country, the true intentions of its nuclear weapons activity remains unknown.

In 2013, after agreeing an interim deal with the European Union and other nations including the US and Russia, Iran said it would curb its uranium enrichment endeavours.

In return, sanctions relief valued at around 3.65bn would be provided to Iran as well as a lifting in sanctions on Irans petrochemical exports, imports of goods and services for its automotive sector and import and export of gold and the precious metals.

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