Money Talks from The Economist Money Talks: Is the West losing its sanctions war?
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Feb 29, 2024 Exploring the effectiveness of financial warfare through sanctions on Russia, challenges in enforcing sanctions, impact on international policy, historical evolution of sanctions, middle-income countries' role in relief amidst sanctions, US push for seizing Russian assets in Europe, and humorous economic proposals
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Sanctions' Expansive Reach
- The U.S. wields major power in economic sanctions thanks to dollar dominance and financial networks.
- Sanctions have expanded massively since 9-11, targeting a wide range of entities and sectors globally.
Neutral Countries Undermine Sanctions
- Many middle-income countries neither implement nor are targeted by Western sanctions.
- These "neutral" countries form a growing part of global GDP and enable circumvention of sanctions, especially benefiting Russia.
Sanctions Evasion Advances Rapidly
- Circumvention of sanctions is rising as countries establish systems to bypass restrictions.
- Alternatives to dollar transactions and new payment networks facilitate trade with sanctioned states like Russia.