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

What’s left to sanction in Russia? Wallets, stocks, and foreign investments.

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
What’s left to sanction in Russia? Wallets, stocks, and foreign investments.

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
What’s left to sanction in Russia? Wallets, stocks, and foreign investments.

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

New Atlanticist

Mar 9, 2022

What’s left to sanction in Russia? Wallets, stocks, and foreign investments.

By Brian O’Toole, Daniel Fried

There are still some tools left for the West to escalate sanctions against Russia in response to its aggression against Ukraine—including an Iran-style approach.

Economy & Business Financial Sanctions and Economic Coercion

In the News

Mar 9, 2022

O’Toole quoted in Financial Times on impact of sanctions on banking in Russia

Read the full article here

Conflict Crisis Management

In the News

Mar 9, 2022

O’Toole quoted in Christian Science Monitor on sanctions against Russia

Read the full article here

Conflict Crisis Management

New Atlanticist

Mar 9, 2022

Biden’s Russian oil ban: Slick, or nothing special?

By Randolph Bell, Reed Blakemore, and Charles Lichfield

Our experts break down the new US move against Russia's energy industry, from its impact on global oil prices to the pressure it puts in Europe.

Energy & Environment European Union

In the News

Mar 9, 2022

Ashford on Channel 4’s Fourcast: Is this the end of the post-Cold War era?

By Atlantic Council

On March 9, Emma Ashford featured on Channel 4’s Fourcast podcast to discuss the geopolitical ramifications of Russia’s invasion of Ukraine. “During the Cold War, we found ways to mitigate some of the worst risks of that situation. We need to figure out how to replicate those things going forward if we want this to […]

Conflict Crisis Management

In the News

Mar 9, 2022

Ashford in Fox News: Former US ambassador to NATO: Putin has ‘put himself on a plank’

By Atlantic Council

On March 9, Emma Ashford was quoted by Fox News in an article responding to her appearance on Intelligence Squared. “Volker and Ashford argued broadly about the United States’ stance defending Ukraine, Ukraine’s place in or outside NATO, the benefits or downsides of sanctions against Russia, and more over the course of the podcast episode.” […]

Conflict Crisis Management

Econographics

Mar 9, 2022

Beyond oil, natural gas, and wheat: The commodity shock of Russia-Ukraine crisis

By Amin Mohseni-Cheraghlou

The impact of Russia-Ukraine crisis on the global economy is much broader than oil, natural gas, and wheat. The commodity shock of the crisis and the resulting supply chain disruptions in many strategic industries threatens the global economic recovery and the fight against inflation.

Economy & Business Financial Sanctions and Economic Coercion

In the News

Mar 8, 2022

Lipsky interviewed in On Point Podcast on sanctions as a tool for maximum pressure

Watch the interview here

Economy & Business European Union

In the News

Mar 8, 2022

Friedlander opinion piece on sanctions consequences published in Politico

Read the full piece here

Economy & Business European Union

In the News

Mar 8, 2022

Lichfield quoted by CNN Business on Russia energy sanctions

Read the full article here

Economy & Business Energy & Environment
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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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