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In this paper we analyze sanctioning policies in internationallaw. We develop a model of international military conflictwhere the conflicting countries can be a target ofinternational sanctions. These sanctions constitute anequilibrium outcome of an international political market forsanctions, where different countries trade politicalinfluence. We show that the level of sanctions in equilibriumis strictly positive but limited, in the sense that highersanctions would exacerbate the military conflict, not reduceit. We then propose an alternative interpretation to theperceived lack of effectiveness of international sanctions, byshowing that the problem might not be one of undersanctioningbut of oversanctioning.