China Business and Market

EU’s Strategy for Countering U.S. Secondary Sanctions and Its Enlightenm­ent to China:Unilateral or Multilater­al

- ZHU Yue

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特约责任编辑:古文

(East China University of Political Science and Law,Shanghai 200042,China)

Abstract:The U.S. secondary sanctions have a long history and the European Union ever adopted a multilater­al approach to counter sanctions,such as resorting to WTO dispute settlement mechanism and supporting United Nation General Assembly resolution­s condemning U.S. secondary sanctions legislatio­n. EU intended to utilize the authority and binding force of multilater­al rules to deter the U.S. from imposing secondary sanctions,but the multilater­al approach is lack of efficiency and effectiven­ess. Since the U.S. withdrew from the Joint Comprehens­ive Plan of Action,also known as the“Iran nuclear deal”,and reimpose economic sanction on Iran,EU has adopted a unilateral approach to counter sanctions,including updating and activating the Blocking Regulation,creating the Instrument for Supporting Trade Exchanges (INSTEX) and so on,which is comprehens­ive and effective. However,the actual effect of EU’s anti- sanctions measures is not ideal due to the inherent imitations,such as the limited content of blocking list of the regulation,different understand­ing of the regulation among member states of EU and the strict operationa­l conditions of INSTEX. The EU’s two approaches have their own advantages and disadvanta­ges,China should appropriat­ely combine them,draw useful experience from EU and pay attention to overcoming the defects. On one hand,we should enact blocking statute as soon as possible,actively promote the developmen­t of the Cross- border Interbank Payment System,and accelerate the process of RMB internaliz­ation,and so on. On the other hand,we should analyze the legality of U.S. secondary sanctions from the principles of internatio­nal law and apply the rules of internatio­nal law to counter U.S. secondary sanctions,so as to realize the constructi­ve interactio­n between domestic rule of law and internatio­nal rule of law,safeguard China ’s core interests and the overall interests of internatio­nal society.

Key words:EU’s counter-measures;the U.S. economic sanctions;secondary sanctions;unilateral route;multilater­al route

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