Sanctions are economic penalties imposed by one or more countries on a targeted country, organization, or individual. The impact of sanctions on targeted economies can be significant and far-reaching. _Types of Sanctions:_ 1. Trade sanctions: restrictions on imports and exports 2. Financial sanctions: freezing assets, limiting access to financial markets 3. Economic sanctions: restrictions on investment, technology transfer _Short-term Impact:_ 1. Disruption of trade and commerce 2. Loss of revenue and foreign exchange earnings 3. Increased costs and prices for consumers 4. Reduced economic growth and development _Long-term Impact:_ 1. Structural changes in the economy 2. Diversification of trade and investment 3. Development of alternative industries and technologies 4. Potential for increased poverty and inequality _Case Studies:_ 1. Iran: sanctions have had a significant impact on the economy, including a decline in oil exports and a devaluation of the currency. 2. North Korea: sanctions have isolated the economy, limiting access to foreign trade and investment. 3. Russia: sanctions have had a mixed impact, with some sectors, such as agriculture, benefiting from import substitution. _Effectiveness of Sanctions:_ 1. Sanctions can be effective in achieving short-term goals, such as disrupting trade and commerce. 2. However, sanctions can also have unintended consequences, such as harming innocent civilians and creating resentment towards the imposing country. 3. The effectiveness of sanctions depends on various factors, including the type and scope of sanctions, the target country's economic resilience, and the level of international cooperation.