Development of Fnancial Sanctions in US Foreign Policy

Document Type : Research Paper

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Abstract

 
The United States is a world leader in economic sanctions. Since 2005, with the application of "financial sanctions" we have witnessed a "paradigm shift" in sanctions policy. This article seeks to answer the question: "What are the foundations of US financial sanctions?" The hypothesis of the article is that financial sanctions are based on two main pillars in which the United States has made it possible to exclusively use financial sanctions for its foreign policy: First, to create a legal regime to combat money laundering and its globalization, and secondly, the centrality of the dollar in the global financial system. The second question of the article is "What is the place of financial sanctions in US foreign policy?" The author argues that US policymakers' understanding of the effectiveness of financial sanctions has led to the promotion of this tool among foreign policy instruments and the transformation of the Treasury from a marginalized institution to a central one in guiding US foreign and security policy.
 
 

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References

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  • Receive Date: 12 February 2020
  • Revise Date: 19 April 2020
  • Accept Date: 02 May 2020

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