An embargo is a government-imposed restriction on the import or export of goods, services, or technology to or from a specific country or countries. It is often used as a political or economic tool to exert pressure or influence on the targeted nation.
There are different types of embargoes, including:
- Trade Embargo: This restricts trade with a specific country, often to punish or pressure that country due to political or economic reasons.
- Arms Embargo: This prohibits the export of weapons and military equipment to a particular country.
- Oil Embargo: This restricts the export of oil to a specific country, often used as a political tool.
Embargoes can have significant economic impacts on both the imposing and targeted countries, affecting trade balances, prices, and availability of goods.