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How America Wages Economic Warfare with Eddie Fishman

Mar 21, 2025
Eddie Fishman, an expert in economic warfare and senior fellow at the Center for a New American Security, discusses his new book, Chokepoints. He explains how the U.S. has transformed the global economy into a battlefield using sanctions and export controls against adversaries like Iran, Russia, and China. The conversation dives into the evolution of economic strategies from cooperation to competition, examining the effectiveness of sanctions and their historical context. Fishman also explores using seized Russian assets to bolster support for Ukraine.
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INSIGHT

Economic Warfare Replaces Globalization

  • The current era marks a shift to economic warfare through sanctions, export controls, and tariffs among great powers.
  • Global consensus on economic win-win is dead; countries focus on self-sufficiency and weaponizing the economy.
ANECDOTE

Surprise of Crimea Annexation

  • In 2014, US policymakers were caught by surprise during Russia's Crimea annexation, scrambling to develop sanctions post-factum.
  • Initial US sanctions combined with oil price collapse led to severe Russian economic downturn without full political cost imposition.
INSIGHT

Deterrence Needs Clear Sanctions Messaging

  • Effective deterrence requires clear, credible threats of economic harm backed by concrete sanctions plans.
  • Ambiguous US warnings in late 2021 led Putin to underestimate the West's will and preparedness to sanction aggressively.
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