Financial Sanctions and Economic Coercion

Financial sanctions and other forms of economic coercion have become policy tools of choice for the US government to deter illegal activity by international actors or to pressure governments into reversing actions that harm US interests. Yet these instruments and their potential pitfalls are often misunderstood. Restrictive economic measures such as financial sanctions, export controls, tariffs, and investment screening can play an important role in advancing certain policy objectives, but they risk being ineffective if misapplied or poorly implemented. Policymakers must also recognize the impact of economic statecraft on the private sector, which bears many of the compliance burdens and operational costs associated with these measures.

Energy Sanctions Dashboard

This dashboard focuses on US sanctions and restrictive measures placed on crude oil from Russia, Iran, and Venezuela—including the unintended consequences and the lessons learned.

Econographics

Apr 17, 2025

Russia Sanctions Database

By Kimberly Donovan, Maia Nikoladze, Lize de Kruijf

The Atlantic Council’s Russia Sanctions Database tracks the level of coordination among Western allies in sanctioning Russian entities, individuals, vessels, and aircraft, and shows where gaps still remain.

Eastern Europe Economy & Business

Recent analysis

Garlauskas’s proposal featured in RUSI report on North Korea

Econographics Sep 16, 2025

The Supreme Court’s decision on Trump tariffs will have lasting impact on US economic statecraft

By Stephanie Connor

Regardless of how the Supreme Court rules, the case will shape US economic policy for years to come.
Economy & Business Trade and tariffs
Garlauskas’s proposal featured in RUSI report on North Korea

New Atlanticist Mar 28, 2024

The axis of evasion: Behind China’s oil trade with Iran and Russia

By Kimberly Donovan, Maia Nikoladze

Beijing has developed a way to import Iranian and Russian oil while bypassing the Western financial system and shipping services.
China Economy & Business
Garlauskas’s proposal featured in RUSI report on North Korea

Testimony Feb 21, 2025

Kimberly Donovan testifies to the US-China Economic and Security Review Commission on the Axis of Autocracy

By Kimberly Donovan

On February 20, Economic Statecraft Initiative Director Kimberly Donovan testified to the US-China Economic and Security Review Commission at a hearing titled, “An Axis of Autocracy? China’s Relations with Russia, Iran, and North Korea.”
China Economy & Business

Programs

At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.

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Content

In the News

Apr 27, 2021

Garlauskas’s proposal featured in RUSI report on North Korea

A report by the Royal United Services Institute (RUSI), based in the UK, discussing sanctions on North Korea featured Markus Garlauskas’s proposal on a new framework for assessing the effectiveness of sanctions on North Korea which he elaborated in a 38 North article.

Financial Sanctions and Economic Coercion Korea

Issue Brief

Apr 27, 2021

What will the impact be if Nord Stream 2 is completed?

By Anders Åslund

A completed Nord Stream 2 pipeline will have an impact on a number of issues, from national and energy security to geopolitical and governance considerations, all while the gas supply will hardly be impacted with costs already sunk. Does the pipeline make commercial sense?

Eastern Europe European Union

IranSource

Apr 23, 2021

‘Poison pill sanctions’ are hard for Vienna negotiators to swallow

By Brian O’Toole

“Poison pill sanctions,” a large list of sanctions that would have been allowed under the 2015 nuclear accord, are clearly the sticking point in the ongoing negotiations and the focus of the technical working groups in Vienna.

Financial Sanctions and Economic Coercion Iran

In the News

Apr 22, 2021

O’Toole quoted in Moscow Times on the calls for Russia to be disconnected from SWIFT

By Brian O’Toole

Read the full article here.  

Economy & Business Europe & Eurasia

In the News

Apr 22, 2021

O’Toole quoted in RFERL on Ukrainian Tycoon Kolomoyskiy not facing sanctions

By Brian O’Toole

Read the full article here.  

Economy & Business Europe & Eurasia

In the News

Apr 21, 2021

Nasr in New York Times: The clock is ticking for Biden on Iran

By Atlantic Council

Financial Sanctions and Economic Coercion Iran

In the News

Apr 21, 2021

O’Toole quoted in Foreign Policy on how to approach sanctioning Russia

By Brian O’Toole

Read the full article here.  

Economy & Business Financial Sanctions and Economic Coercion

Econographics

Apr 20, 2021

The Rise of Central Bank Digital Currencies

By GeoEconomics Center

What exactly is a Central Bank Digital Currency (CBDC) and how does the research compare globally?

Digital Currencies Digital Policy

Blog Post

Apr 19, 2021

An EAR-evolution? What Commerce’s military intelligence end-user rule may foretell

By Annie Froehlich

Export controls have become an increasingly prominent tool in the US' foreign policy. However, a new rule that restricts the activities of US persons may foretell a shift in tactics.

Arms Control China

In the News

Apr 16, 2021

Friedlander and O’Toole quoted in Washington Post on the history of US economic sanctions

By Brian O’Toole, Julia Friedlander

Read the full article here.

Financial Sanctions and Economic Coercion United States and Canada
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Experts

Staff

Nitansha Bansal

Associate Director

Cyber Statecraft Initiative

Artificial Intelligence Cybersecurity

Fellow

Ryan Berger

Nonresident Fellow

Global China Hub

Americas Cybersecurity

Fellow

Chris Brummer

Nonresident Senior Fellow

GeoEconomics Center

Digital Currencies Economy & Business

Fellow

Michael Carpenter

Distinguished Fellow

Eurasia Center Europe Center

Eastern Europe National Security

Fellow

Hagar Hajjar Chemali

Nonresident Senior Fellow

Economic Statecraft Initiative GeoEconomics Center

Economy & Business Financial Sanctions and Economic Coercion

Fellow

Claire Chu

Nonresident Fellow

Global China Hub

China Chinese
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