ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An embargo (from the Spanish embargo, meaning hindrance, obstruction, etc. in a general sense, a trading ban in trade terminology and literally “distraint” in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country/state or a group of countries.

Detailed explanation-2: -An embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction. Embargoes can bar all trade, or may apply only to some of it, for example to arms imports.

Detailed explanation-3: -Example: A country might limit the amount of cars imported from other countries to 500, 000 per year. Trade embargoes forbid trade with another country. The government orders a complete ban on trade with another country.

Detailed explanation-4: -A government restriction placed on the import or export of goods, services, currency, and other values to any other country or state. Written by CFI Team. Updated January 9, 2023.