THE IMPACTS OF THE BLOCKING STATUTES ON THE TRANSNATIONAL COMMERCIAL DEALINGSBETWEEN COMMON LAW AND CIVIL LAW JURISDICTIONS.

Abstract

Sovereignty as enshrined in all written constitution denotes a self-governing state. It is characterized by having supreme power, authority, status and dominion, Protagonists of blocking statutes argue that despite existing in the free world like the 21st Century which is devoid of slavery, some Counties continue to impose their will on others who do not voluntarily subscribe to it and this is achieved through Legislation by Parliament. Extra-territorial laws are naturally peculiar to Countries possessing veto powers in the United Nations Security Council as they have the power to sanction other States the consequence of which are grave financially. Thus, in exercising their sovereignty, it would be in the best interest of such countries to stretch their territories as far as possible which is majorly achieved by implementing extraterritorial measures. This paper seeks to critically discuss the various extra-territorial laws, the Blocking Rules that target them and the impacts of their strict enforcement on commercial dealings. A set of Public International Law PIL exists vide international conventions, model rules, and standard trade terms that regulate international commercial transactions formulates transnational commercial law. It is only in the midst of laws established by the international community that distrust will be overcome as no single country is exempt from the need to devise diplomatic solutions to regulate its relations with others.