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

Making Putin pay: Russia must finance the rebuilding of post-war Ukraine

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
Making Putin pay: Russia must finance the rebuilding of post-war Ukraine

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
Making Putin pay: Russia must finance the rebuilding of post-war Ukraine

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

UkraineAlert

May 6, 2022

Making Putin pay: Russia must finance the rebuilding of post-war Ukraine

By Kira Rudik

Making Putin pay: Russian assets currently frozen in the West could potentially be used to finance the rebuilding of post-war Ukraine but this will require both creativity and political will from Western leaders.

Conflict Economy & Business

In the News

May 5, 2022

O’Toole quoted in S&P Global on the US imposing secondary sanctions to prevent Russia from selling oil elsewhere

Read the full article here.

Economy & Business Europe & Eurasia

In the News

May 4, 2022

Tran quoted in Eurasian Times on the potential consequences should the US decide to sanction China as it has sanctioned Russia

Read the full article here.

Economy & Business Europe & Eurasia

In the News

May 3, 2022

Friedlander quoted in the Washington Post on Russian oligarch’s offshore finances

Read the full article here.

Economy & Business Europe & Eurasia

Britain Debrief

May 1, 2022

#BritainDebrief – Are sanctions on Russia working? A Debrief from Ambassador Daniel Fried

By Ben Judah, Daniel Fried

Senior Fellow Ben Judah interviews Ambassador Daniel Fried, former US Coordinator for Sanctions Policy (2013-2017) for #BritainDebrief on how sanctions on Russia are impacting the Kremlin’s war chest, the Russian economy and third countries.

Civil Society Conflict

UkraineAlert

May 1, 2022

Finally! German MPs back heavy weapons for Ukraine in historic vote

By Vitaly Sych

The German Bundestag on April 28 finally agreed to supply heavy weapons to Ukraine in an historic vote that marked a departure from months of caution in Berlin and efforts to avoid confrontation with the Kremlin.

Conflict Corruption

In the News

May 1, 2022

Cohen quoted in the National Interest: U.S. sanctions on Russia should not punish Central Asia
Central Asia Economy & Business

Econographics

Apr 29, 2022

Wargaming a Western freeze of China’s foreign reserves

By Hung Tran

China's new Financial Stability Law creates a new framework for furthering financial stability in the country. This has implications for the United States, which is undergoing fiscal tightening, as well as emerging markets, where portfolio capital has begun flowing outward.

China East Asia

In the News

Apr 29, 2022

Lipsky interviewed by CNBC on how Russia’s invasion of Ukraine will impact the international financial system

Watch the interview here.

Conflict Economy & Business

In the News

Apr 28, 2022

Friedlander interviewed by Bloomberg on President Biden’s proposal to seize and sell the assets of Russian oligarchs to help Ukraine 

Listen to the episode here.

Economy & Business Financial Regulation
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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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