ChinaTalk Chokepoints: American Power in the Age of Economic Warfare
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Feb 26, 2025 
Eddie Fishman, a former civil servant at the State Department and adjunct professor at Columbia, discusses his book on U.S. sanctions policy. He explores whether sanctions truly work, providing historical insights from cases like Iran and Russia. The conversation highlights how the U.S. dollar evolved into a pivotal economic tool through deals with Saudi Arabia. Fishman also critiques the challenges in current economic warfare strategies against China, shedding light on the complexities of governance and the role of key policymakers in shaping these strategies.
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Iran Oil Embargo
- The U.S. achieved a highly effective oil embargo against Iran by targeting its central bank and creating exceptions for compliant countries.
- Escrow accounts for oil payments incentivized Chinese compliance while crippling Iran's access to petrodollars.
Russia Sanctions
- Following the success with Iran, the Obama administration considered sanctions against Russia after the annexation of Crimea.
- However, Russia's larger economy and Europe's dependence on Russian energy made the situation more complex.
MH17 and Sanctions
- Initially, sanctions against Russia were limited, but the downing of MH17 broadened European support for stronger measures.
- The resulting sectoral sanctions, though weaker than those against Iran, significantly impacted the Russian economy, especially with falling oil prices.
