Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Macro Musings with David Beckworth
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The Primary Sanctions for Banks in the US
There are all kinds of laws in place for banks in the United States. If an SDN turns out to be on either side of that deal, you are obligated to freeze that transaction and report it to Treasury immediately. There are examples in the last five to six years where banks have been fined up to roughly $10 billion, right, for for sanctions violations.
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