The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia

Chiara Zilioli

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Chapter 11 The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia

In: International Sanctions: Monetary and Financial Law Perspectives

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Chiara Zilioli

Chiara Zilioli
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Type:: Chapter

Pages:: 251–274

DOI:: https://doi.org/10.1163/9789004705708_013

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Abstract

In analysing the relationship between central banks and sanctions, legal scholarship tends to focus on central banks as addressees of sanctions. This chapter instead takes a different approach. Focusing on the European Central Bank (ECB)’s experience, it analyses the rules and practice of central banks when they operate as authorities which, in the exercise of their competences, have to apply the restrictive measures. Imposing sanctions is a foreign policy activity which, as such, does not fall within the mandate of the ECB. The ECB and the National Central Banks (NCBs) and the National Competent Authorities (NCAs) are required to comply with sanctioning decisions of the European Union legislator. The chapter starts with a description of the role of the ECB in the process leading up to the adoption of sanctions and continues with a reflection on who bears the legal responsibility for breaches of law and on the question of whether the ECB or the Union is the defendant in any claims for damages in respect of EU sanctions. Thereafter, an overview is given of the measures by which the ECB implements EU sanctions in its policies and activities, both in the field of monetary policy (e.g., various types of monetary policy operations, and measures related to banknotes, payment systems and foreign reserve management) and in the field of prudential supervision. The role of the ECB in international coordination, essential for the effectiveness of international sanctions, is then examined. Finally, the chapter discusses the possible limitations to the obligation of the ECB to comply with sanctioning decisions of the Union legislator, where sanctions could interfere with the independent exercise of the ECB’s mandate, or in case of conflicts with the Charter of Fundamental Rights or with international law.

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International Sanctions: Monetary and Financial Law Perspectives

E-Book ISBN:: 9789004705708

Publisher:: Brill | Nijhoff

Print Publication Date:: 19 Jul 2024

Subjects
- Human Rights and Humanitarian Law
  - Human Rights
- International Law
  - International Commercial, Trade & Investment Law

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Chapter 11 The Role of Central Banks in the Application of International Financial Sanctions: the Case of the ECB and the Sanctions against Russia

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International Sanctions: Monetary and Financial Law Perspectives

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