Over the past several decades, financial sanctions have become one of the most widely used tools in the U.S. foreign policy arsenal. And since Russia’s invasion of Ukraine two years ago, the Biden administration has wielded them in a number of innovative ways. At the same time, some of these uses have also triggered concerns about U.S. overreach, something that could have consequences for both U.S. national security and the health of the U.S. economy.

To better understand how the U.S. government is approaching its financial sanctions policies today, Lawfare Senior Editor Scott R. Anderson and Lawfare Contributing Editor Brandon Van Grack sat down with the man who manages them: Brad Smith, the Director of the Office of Foreign Assets Control (or “OFAC”) at the U.S. Department of the Treasury. A veteran of U.S. sanctions policy, Smith walked through some of the history of sanctions, lessons the Biden administration has learned from past efforts, and how these lessons are being applied to new challenges, including from Russia.

This is the latest entry in our special “The Regulators” series, co-sponsored with Morrison Foerster, in which Brandon and Scott sit down with some of the senior officials working at the front lines of U.S. national security policy.

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