

Marshall Billingslea on U.S. Sanctions Policy and Priorities
Mar 12, 2025
Marshall Billingslea, a Senior Fellow at the Hudson Institute and former U.S. government envoy, shares his insights on U.S. sanctions policy. He discusses the potential easing of sanctions on Russia amid negotiation hopes, but believes punitive measures may come first. The conversation highlights the shift towards tariffs and maximum pressure against Iran. Billingslea also touches on the administration's strategic focus on fentanyl trafficking and drug cartels, emphasizing the need for nuanced economic statecraft and global financial security.
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Sanctions Effectiveness Debate
- Some officials believe sanctions were overused and could jeopardize the US dollar's dominance.
- Others disagree with the narrative that sanctions are ineffective against regimes like Russia.
Complexity of Sanctions Easing
- Easing sanctions on Russia is complex due to overlapping US, UK, and EU regimes.
- Removing US sanctions alone may not be effective if other regimes stay, as multinationals are risk-averse.
Preparing for Evolving Sanctions
- Prepare for various scenarios like increased sanctions or partial rollbacks by different regimes.
- Consider how to respond to a coordinated easing of sanctions across multiple jurisdictions.