Trump Moves to Isolate International Criminal Court from Global Financial System, Block Dollar Transactions

[Financial News] The Donald Trump administration is preparing comprehensive sanctions that would effectively isolate the International Criminal Court (ICC) from the global financial system.
According to The Wall Street Journal (WSJ), a U.S. daily, on the 20th (local time), the Trump administration is considering a plan to ban most transactions with the ICC after a six- to seven-month grace period. Although no final decision has been made, some U.S. officials said, "The sanctions could be finalized and announced as early as during or shortly after this week's U.N. General Assembly."
According to the report, if the sanctions are imposed, the ICC's dollar transactions would be virtually blocked. WSJ reported, "International banks may also stop dealing with the ICC out of concern over U.S. sanctions, potentially isolating the court from the global financial system." Transactions involving communications services, among others, are reportedly being considered for exemption.
The United States has so far targeted senior officials rather than the ICC itself. Former chief prosecutor Karim Ahmad Khan, ICC President Tomoko Akane, judges and two deputy prosecutors have been among those subjected to sanctions. Against this backdrop, the latest move would represent a significant escalation, as it would block broad transactions with the ICC itself rather than targeting individuals alone.
The arrest warrant for Israeli Prime Minister Benjamin Netanyahu is the direct reason the Trump administration has intensified pressure on the ICC. In connection with the 2024 war in Gaza, the ICC issued arrest warrants for Netanyahu and Yoav Gallant, then Israel's defense minister, on charges of war crimes and crimes against humanity.
Neither the United States nor Israel is a member of the ICC. U.S. Secretary of State Marco Rubio said, "The ICC's investigation of individuals from nonmember states could set a precedent that threatens U.S. sovereignty," and warned in July, "If necessary, I will dismantle the ICC brick by brick."
By contrast, major ICC member states, including European countries and Japan, say they will protect the court. WSJ reported, "Possible countermeasures include asking banks within the European Union (EU) to continue transactions with the ICC."
[email protected] Hong Chae-wan Reporter