Renowned economist at John Hopkins University, Professor Steve Hanke says the use of sanctions as punishment is counterproductive and a game played by losers.
His comments came following how US sanctions on Iran and Venezuela have resulted in increased trade between the two countries and China.
China and the US are pitted in a trade war which the later is seemingly losing.
The war has seen the two countries imposing trade embargoes against each other.
Be that as it may, the US also imposed sanctions on Iran and Venezuela, which have been running for years now.
The countries seem to have resorted to trading with China thereby rendering the US imposed sanctions useless, as stated by Prof Hanke.
“US sanctions have pushed Iran and Venezuela into China’s outstretched arms.
“Ever since the US imposed sanctions to pressure Iran and Venezuela, China has sharply increased its imports of oil from both.
“Sanctions are counterproductive and for losers,” he says.
China has sharply increased its imports of oil from Iran and Venezuela, a move which analysts say is in challenge to the Joe Biden administration foreign-policy priorities.
Meanwhile, Zimbabwe was put on sanctions allegedly for its human rights abuse record, lack of rule of law and undemocratic tendencies.
However, Harare maintains that the sanctions were imposed by the West as punishment for embarking on the land redistribution exercise, and is advocating for their unconditional removal.
Apparently, those who imposed sanctions on Harare have indicated that they will not be removing them until human rights are respected and democratic reforms are carried out in Zimbabwe.
-Zwnews
