What do you mean by the term Embargo?

Embargo

An embargo is any event that prevents the freight from being accepted or handled. A prohibition upon exports or imports, either with specific products or specific countries due to political, health, or labor related reasons, for a specified or indefinite period. It may also allude as a command by a government to forbid ships from come into or depart its ports. However, embargo events may also include floods, tornadoes or congested highways.

Each embargo program has an exemption for humanitarian aid, but what is specifically allowed under the humanitarian aid exemption of the embargoes is unique to each country.

There are many different types of embargoes, which can be either total or partial:

  • Prohibiting or limiting exports and/or imports.
  • Making quotas for quantity.
  • Applying special levies on goods and/or services.
  • Banning freight, transport vehicles or aircraft from traveling in a country’s territory, airspace or waters.
  • Freezing or seizing bank accounts.
  • Limiting the delivery of certain technologies or high-tech products.

 


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