The U.S. Obsession with Sanctions May Destroy the Dollar

by Ryan McMaken

When the US places financial sanctions one one country, it de facto sanctions many other countries as well — including many of its allies.

This is because not all countries and firms are interested in participating in the US sanctions-based foreign policy. Sanctions, after all, have become a favorite go-to strategy for American policymakers who seek to isolate or punish foreign states that don’t cooperate with US international policy goals.

In recent years, the US has been most active in imposing new sanctions on Russia and Iran, with many consequences for US allies who are still open to doing business with both of those countries.

The US can retaliate against organizations that violate US sanctions in a variety of ways. In the past, the US has sued firms such as the Netherlands’ ING Groep and Switzerland Credit Suisse. Both firms have paid hundreds of millions of dollars in fines in the past. The US has been known to go after individuals .

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