STR: Suspicious Transaction Report Chokepoints – How the Global Economy Became a Weapon of War
May 9, 2025
Eddie Fishman, a former US State Department sanctions official and author of 'Chokepoints,' explores how economic strategies became tools of warfare. He shares insights on the evolution of sanctions, particularly against Iran and Russia, and the effectiveness of secondary sanctions in shaping foreign policy. Fishman warns about the risks of overusing sanctions and discusses how technology can be leveraged as an economic weapon against rivals like China. He emphasizes the need for careful use of economic power to maintain its effectiveness.
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Career Rooted In Sanctions Work
- Eddie Fishman joined US Treasury and State teams immediately after university and worked on Iran sanctions for a decade.
- He later taught and wrote about sanctions, culminating in his book Chokepoints.
Government-To-Business Diplomacy Wins
- Stuart Levy pioneered government-to-business diplomacy to persuade banks to cut Iran ties without UN backing.
- The US used dossiers and threats to condition global banks to sever Iran from the financial system.
Freeze Oil Revenues To Gain Leverage
- Sanctioning Iran's central bank combined with phased oil purchase reductions collapsed Iran's oil sales.
- Sequestering oil funds abroad gave negotiators leverage in nuclear talks.
