In the Room with Peter Bergen Snatching Mega-Yachts and Blacklisting Banks: Do Sanctions Actually Work?
Dec 10, 2024
Danny Glazer, a former U.S. Treasury lawyer specializing in sanctions, dives into the world of mega-yachts and the complexities of sanctions as a foreign policy tool. He critiques the effectiveness of U.S. sanctions on countries like Iran and Russia, revealing how they often backfire and empower oppressive regimes. The dialogue highlights the challenges of enforcing sanctions while addressing their unintended consequences on everyday citizens and social movements. Glazer also shares insights on the costly dilemma of managing seized luxury assets.
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Seized Mega-Yacht Turns Public Burden
- The Amadea is a 348-foot mega yacht formerly owned by Russian oligarch Suleiman Karimov seized by the U.S. after Russia invaded Ukraine.
- The seizure turned the oligarch's luxury asset into a costly government responsibility with high maintenance bills.
Sanctions Are A Bipartisan Default
- U.S. presidents across parties have relied heavily on sanctions as a visible policy tool.
- Sanctions surged over 900% in the last 20 years according to the Treasury Department.
Pair Sanctions With Diplomacy
- Use sanctions as one tool among others, not as a standalone policy.
- Combine sanctions with diplomatic or military measures to create leverage for negotiation.
