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1. International trade - international relations - law - international law - noun.

Any penalty or punishment, including economic disadvantages, sporting or cultural restrictions.

UN sanctions take different forms
"Security Council sanctions have taken a number of different forms, in pursuit of a variety of goals.
The measures have ranged from comprehensive economic and trade sanctions to more targeted measures such as arms embargoes, travel bans, and financial or commodity restrictions.
The Security Council has applied sanctions to support peaceful transitions, deter non-constitutional changes, constrain terrorism, protect human rights and promote non-proliferation."
United Nations Security Council

CJEU can sanction EU institutions
"The CJEU gives rulings on cases brought before it. The most common types of case [include]...
Sanctioning EU institutions (actions for damages) – any person or company who has had their interests harmed as a result of the action or inaction of the EU or its staff can take action against them through the [CJEU]."
Court of Justice of the European Union (CJEU)

2. International trade - international relations - law - international law - verb.

To impose a sanction, as defined above.

3. Law - verb.

To officially allow or permit an action or omission.

Company general meetings can sanction minor irregularities
"In the case of minor irregularities in running a company, a general meeting can pass a resolution to sanction the irregularity.
Major irregularities cannot be sanctioned in this way."
Oxford Dictionary of Law - the Treasurer's Wiki - Ratification

4. Law - noun.

The approval or permission so given.

Court sanction required for arrangement in insolvency
"A scheme of arrangement is an agreement between a financially distressed company and its creditors or members to effect a merger or a restructuring, which requires the sanction of the court."
The Treasurer's Wiki - Scheme of arrangement

See also