2014 was a very eventful year for sanctions, with both the European Union (EU) and United States (US) making extensive use of trade sanctions to attain foreign policy goals. Certain sanctions measures against Iran were (and continue to be) suspended, while a new and significant, though targeted, sanctions regime against Russia and Crimea/Sevastopol was imposed in response to events in Ukraine. Then, right at the end of the year, the US announced the liberalization of its sanctions policy with respect to Cuba. Finally, and perhaps the most significant from a geopolitical perspective, was the fact that 2014 was the year when there was consistent broad alignment between the EU and the US on sanctions.
At the start of the new year, we summarise the most significant developments in 2014 and make certain observations for 2015.
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