Immunity Concerning the Property of Central Banks in Economic Sanctions
Central bank property held in foreign countries is entitled to immunity from execution under international law,but in recent years has become the target of unilateral sanctions.Nation states have imposed sanctions on the property of foreign central banks with increasing frequency,raising doubts about the relationship between central bank immunity and economic sanctions.The"United Nations Convention on Jurisdictional Immunities of States and Their Property"emphasizes that immunity from execution apply only to actions taken in connection with a judicial proceeding.But the treaty also provides an expanded interpretation of"judicial measures",which allows immunity from execution to encompass some of the"quasi-judicial"sanctions.In interpreting the"judicial coercive measures"under the Foreign State Immunity Law,China should refer to the practice of the treaty and define the scope of immunity from execution as all measures aimed at ensuring the enforcement of laws,thereby providing the necessary legal safeguards for the security of the RMB as an international currency.In response to central bank sanctions imposed on China,reciprocal immunity under the Foreign State Immunity Law and the Anti-foreign Sanctions Law can be used as an anti-sanctions measure to freeze the property of the central bank of the country held in China.To ensure the international legitimacy of counter-sanction measures,no further confiscatory measures shall be taken on the basis of freezing measures.
property of central banksimmunity from executioneconomic sanctionscountermeasures
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