The article talks about how the US uses financial sanctions as a foreign policy tool to address global geopolitical challenges. It discusses the success and limitations of these sanctions, as well as the need for a comprehensive framework for economic statecraft. The US leverages its position in the global financial system to enforce compliance and threatens to disconnect uncooperative actors from access to the US dollar and international payment systems. It highlights the need for a strong institutional infrastructure and cooperation from the private sector to ensure the effectiveness of sanctions. The article also emphasizes the importance of improved private sector compliance efforts and enforcement to maintain the credibility of US economic statecraft. The writer suggests that the US must weigh the budget spending on economic statecraft against the costs of inaction or military intervention. The article discusses the challenges in implementing and enforcing sanctions and emphasizes the role of the private sector in compliance. Ultimately, it warns that without improved enforcement and private sector compliance efforts, the effectiveness of sanctions will decline, impacting the credibility of US economic statecraft.
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