The Sanctions Age

The small Guatemalan town of El Estor was once a bustling mining hub, home to two major nickel mines that provided thousands of jobs and sustained the local government. In 2022, U.S. sanctions shuttered those mines almost overnight, triggering massive job losses, starving the town of public revenues, and collapsing small businesses. Families that had worked their way into the middle class were suddenly plunged into poverty, and many residents—facing few options—were forced to emigrate, setting out on the dangerous journey north to the United States.Jeff Stein is the Washington Post's chief economics correspondent. As part of a remarkable series of investigative stories called “The Money War,” Jeff reported from El Estor, bearing witness to the ways in which sanctions policies set in Washington can change the fortunes of communities thousands of miles away.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

On December 8, 2024, Bashar Al-Assad fled Syria, bringing an end to the 13-year civil war that had devastated the country. Syrians who had endured years of conflict and deprivation, took to the streets in celebration. They were suddenly able to imagine a new future for their country. Assad's fall caught the international community by surprise, and policymakers in the region, in Europe, and in the United States were forced to adjust their policies, opening lines of communication to Syria's new leader, Ahmad Al-Shaara. Over the last six months, one issue has dominated the debate over Syria policy—lifting the Syria sanctions.Karam Shaar is the founder of Karam Shaar Advisory, a consulting company. He currently serves as the Chief Economic Consultant to the Office of the United Nations Resident Coordinator in Syria and a Senior Consultant at the World Bank. He is also a Nonresident Senior Fellow at the New Lines Institute.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

There is a powerful office in the Treasury Department called the Office of Foreign Assets Control, or OFAC. You could argue that the officials in OFAC are the most powerful government functionaries in the world. They are the functionaries who sanction companies, organizations, and individuals, by adding these entities to a list called the Specially Designated Nationals List, or SDN List for short. Today, there are over 17,000 designated entities. The list includes Iranian government institutions, Afghan jihadists, Russian state enterprises, Venezuelan officials, and Mexican drug lords—a growing list of entities that the US deems a threat to national security. Getting on the list is easy. Getting off the list is hard.Erich Ferrari is Founder and Principal Attorney of Ferrari & Associates, a Washington DC based law firm. Erich represents U.S. and foreign corporations, financial institutions, exporters, insurers, as well as private individuals in trade compliance, regulatory licensing matters, and federal investigations and prosecutions.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Covering sanctions is complicated. Editors commissioning reports from countries like Iran, Russia, and Venezuela mainly want stories that focus on security or political issues, but on the ground, economic disruptions are what everyone is talking about. Foreign correspondents based in sanctioned countries are not just reporting on economic disruptions, they are experiencing them first-hand, contending with volatile markets, rising prices, product shortages, and a darkening mood. As economic pressure builds, journalism can become more sensitive. Government officials may not want the true extent of the economic fallout to become known.This episode, recorded before the 12-day war fought between Israel and Iran in July, discusses the experience of foreign correspondents covering sanctions in Iran.Golnar Motevalli is a reporter for Bloomberg. Between 2013 and 2020 she was a correspondent based in Tehran. Today, Golnar leads Bloomberg's coverage on Iran from London.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Over the past several years, the United States has escalated its use of sanctions and export controls in the context of growing strategic competition with China. A central goal has been to contain China's rise in high-tech industries—especially semiconductors, artificial intelligence, and clean energy—by cutting off access to advanced technology. This approach reflects a bipartisan consensus in Washington that restricting China's access to innovation is key to preserving American technological dominance.But there is an emerging debate about whether this approach is working as intended. Recent developments suggest that export controls and sanctions might be spurring faster innovation in China—forcing Chinese firms and the state to deepen their technological capabilities and reorganize industrial supply chains.Kyle Chan is a postdoctoral researcher at Princeton University whose work focuses on industrial policy, innovation, and green technology in China. He is the author of an excellent newsletter titled High Capacity. He also recently published an op-ed in the New York Times on US-China technological competition.The Sanctions Age is hosted by Esfandyar Batmanghelidj.The show is produced by Spiritland Productions.Sign up to The Sanctions Age newsletter:www.thesanctionsage.comThe Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

In the 1990s, UN sanctions imposed on Iraq led to a humanitarian crisis, with reports of a rapid increase in excess mortality, especially among children. In the early 2000s, policymakers responded to this crisis by vowing to use “smart sanctions” in the future, measures that would target elites while sparing civilians, thereby limiting the humanitarian harms of economic coercion. The perception that today's sanctions are “smart” has contributed to the rapid increase in their use over the last two decades.But a new paper, titled “Effects of International Sanctions on Age-Specific Mortality: A Cross-National Panel Data Analysis” and published in the prestigious journal The Lancet Global Health suggests that even today, sanctions continue to have devastating humanitarian impacts. Drawing on data from 152 countries over fifty years, the paper estimates that unilateral sanctions—particularly those imposed by the United States—are associated with over half a million excess deaths each year. The paper's findings demand a fundamental reassessment of the humanitarian impacts of today's sanctions regimes.Francisco Rodríguez is the Rice Family Professor of the Practice at the Josef Korbel School at the University of Denver. Francisco is one of the co-authors of the paper, along with Silvio Rendón, and Mark Weisbrot.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Edward Fishman on Trump's approach to economic statecraft.The world is still reeling from Trump's announcement of major retaliatory tariffs targeting all of America's trading partners, which came back in April. First, Trump announced a basic 10% tariff on imports from all countries. Then, higher tariffs were applied to 60 countries. Soon after, Trump announced he would pause the implementation of the tariffs, except for the measures against China, which he escalated further. But then more tariffs came. The kneejerk changes in US trade policy have plunged global financial markets and supply chains into chaos, marking an unprecedented new turn in the American president's use of economic coercion.Edward Fishman is a Senior Research Scholar at the Center on Global Energy Policy and an Adjunct Professor of the School of International and Public Affairs at Columbia University. He is also the author of a new book titled Chokepoints: American Power in the Age of Economic Warfare. The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

In just about every country that has been targeted by a major sanctions program—including Cuba, Iran, Iraq, Syria, and Venezuela, to name a few—we can observe significant humanitarian consequences. Sanctions contribute to shortages of essential goods, hinder access to healthcare, and exacerbate poverty and social instability. Understanding the humanitarian impact of sanctions is crucial for assessing their true cost and evaluating whether they are truly effective.Erica Moret has conducted extensive research to demonstrate how sanctions can hamper access to basic human needs, like food and medicine. She has also helped foster dialogue and devise solutions to mitigate those humanitarian consequences.Erica is the Policy Director at PoliSync–Centre for International Policy Engagement, and the Coordinator of the Sanctions and Sustainable Peace Hub at the Geneva Graduate Institute.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue.To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Stephen Fallon on how American regulators captured global banks.US authorities have taken advantage of the unique position of the dollar in the global economy to exercise significant control over the global financial system. When the U.S. introduces new financial regulations or sanctions regimes, global banks take notice, and tend to modify their behaviors to conform with American guidance.Stephen Fallon has spent his whole career dealing with the exigencies of US financial regulations. In his view, American regulators are not simply influencing global banks, they have captured them.Stephen has worked in senior compliance roles at the global advisory firm EY and the global bank Credit Suisse. Between 2019 and 2023 he was the Chief Compliance Officer of INSTEX, a unique state-owned company established to try and sustain European trade with Iran following President Trump's unilateral withdrawal from the nuclear deal. Most recently, Stephen has completed a master's degree at Cambridge University, drawing on his professional experiences to write a thesis examining how US authorities came to exert extraordinary control over global banks.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Gerard DiPippo on the intensifying economic competition between the United States and China.When the White House recently announced it would increase tariffs on a range of Chinese goods, it used striking language to explain why the measures were necessary. The White House statement claimed that “China's unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers” and complained that “China is also flooding global markets with artificially low-priced exports.” The statement points to a new dynamic between the United States and China, and the ways in which President's Biden's international economy policy considers economic competition with China through a national security lens.Gerard DiPippo is an expert on the Chinese economy, with unique insights on how Chinese economic policy can undermine American interests. He is the Senior Geo-Economics Analyst for Bloomberg Economics. He was previously a senior fellow at the Center for Strategic & International Studies. Prior to that, he spent 11 years in the U.S. Intelligence Community at the Central Intelligence Agency and National Intelligence Council.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Henry Smith on how global CEOs are navigating the sanctions landscape. In recent decades, multinational companies have pursued market opportunities around the world, creating complex supply chains and financial structures in the process. But what was once a world of expanding opportunity is increasingly a world of encroaching risks. With sanctions and export controls imposed on a growing list of countries, including major economies like Iran and Russia, multinational companies have had to scale back or even exit markets. Now, CEOs are wondering where sanctions might hit next and how they can shield their businesses from emerging risks.Henry is a partner at Control Risks, where he leads the company's business intelligence and due diligence practice in EMEA. Henry advises global companies on how to adjust acquisition and growth strategies in the face of a changing sanctions landscape.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Delaney Simon on the challenges of peacebuilding in the wake of sanctions.Sanctions are not meant to last forever. When diplomatic negotiations bring a dispute or conflict to an end, it may be time to lift sanctions imposed in response to that conflict. Unfortunately, sanctions can be difficult to lift, and they have lingering effects that can make it harder to build a durable peace after conflict.Delaney's research has focused on the effects of sanctions on peacebuilding. She is a Senior Analyst at the International Crisis Group, where she leads the group's research on sanctions. She is the author of a report published last year titled “Sanctions, Peacemaking and Reform: Recommendations for U.S. Policymakers." Before joining Crisis Group, she worked for the United Nations in Afghanistan, Lebanon, and Yemen.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Maximilian Hess and Nicholas Mulder have spent a lot of time thinking about economic weapons and economic war, especially in the context of Ukraine.Their writings have graced the pages of the New York Times, the Financial Times, Foreign Affairs, and Foreign Policy. If there are trenches in economic wars, then Max and Nick two of the best correspondents writing with their boots in the metaphorical mud.Maximilian is the founder of the London-based political risk firm Enmetena Advisory. He is also the author of Economic War: Ukraine and the Global Conflict between Russia and the West.Nicholas is Assistant Professor of History at Cornell University. He is the author of The Economic Weapon: The Rise of Sanctions as a Tool of Modern War, which was published in 2022.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Javad Shamsi on how firms adapt to sanctions.The U.S. sanctions on Iran target sectors across the country's economy, including the energy, manufacturing, and banking sectors. In addition, hundreds of Iranian companies have been designated, meaning they have been singled out with targeted sanctions. Despite this expansive sanctions regime, very few large enterprises in Iran have gone out of business, suggesting that managers at most companies found ways to adapt to sanctions pressure.Javad Shamsi is one of the first researchers to try and understand these adaptations. Last year, he published a working paper examining how publicly listed companies in Iran responded to sanctions. The paper, titled “Understanding Multi-Layered Sanctions: A Firm-Level Analysis,” uses a unique dataset composed of “transcripts and reports from board meetings of publicly traded Iranian firms.” Javad analyzed the content of these reports and made some surprising findings.Javad is pursuing his PhD in Economics at the London School of Economics and Political Science. He did his masters in economics at Iran's famed Sharif University of Technology, often called “Iran's MIT.”The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Daniel McDowell and Maria Shagina on how states evade and undermine sanctions.The stakes around sanctions circumvention have never been higher. The Russian invasion of Ukraine has made sanctions evasion a matter of life or death. Russia continues to use export revenues to fund its war economy, and, despite trade restrictions, Russian factories continue to churn out weapons using imported parts and machinery. Meanwhile, growing antagonism between China and the United States has spurred Chinese officials to worry about their vulnerability to US financial sanctions and therefore question the dollar's dominant role in the global economy. China has begun developing an alternative financial infrastructure, which could one day undermine the dollar's unique role in international trade.With the stakes higher than ever before, sanctions circumvention is garnering greater attention from policymakers, researchers, and journalists. But a handful of experts have studied these issues for over a decade. They have unique insights to share.Daniel McDowell is an associate professor at Syracuse University's Maxwell School of Citizenship and Public Affairs. He is also the author of Bucking the Buck: U.S. Financial Sanctions and the International Backlash Against the Dollar, which was published last year.Maria Shagina is the Diamond-Brown Research Fellow for Economic Sanctions, Standards and Strategy at the International Institute for Strategic Studies.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Henry Farrell and Abraham Newman on weaponizing Interdependence in a globalized world. In 2019, Henry Farrell and Abraham Newman published a paper titled “Weaponized Interdependence,” which quickly became one of the most widely cited papers about economic coercion. The paper spurred scholars and policymakers to recognise how the networks that underpin the globalised economy can be exploited by powerful states to compel policy change or deter unwanted actions.Henry Farrell is a professor at John Hopkins University's School of Advance and International Studies, where he is the Agora Institute Professor of International Affairs. Abraham Newman is a professor at Georgetown University's School of Foreign Service, where he is the Director of the Mortara Center for International Studies. Together, Henry and Abe are the authors of two recent books: Of Privacy and Power: The Transatlantic Fight over Freedom and Security, which was published in 2019 and Underground Empire: How America Weaponized the World Economy, which was published last year.The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/

Saleha Mohsin on how the strong dollar became the weaponized dollar.Over the last few decades, the Department of Treasury has transformed from an institution that managed the dollar, government budgets, and issued bonds into an institution playing a critical role in US national security. At the heart of this transformation was cast of characters—legislators and bureaucrats—who realised the immense power that the U.S. government could wield through the use of sanctions, including the power to wage economic war. Saleha Mohsin has covered the Treasury Department for Bloomberg since 2016. Her new book, tilted, Paper Soldiers: How the Weaponization of the Dollar Changed the World Order, was published last week and draws on interviews with more 100 current and former officials and diplomats.  The Sanctions Age is hosted by Esfandyar Batmanghelidj. The show is produced by Spiritland Productions and is supported by a grant from the Hollings Center for International Dialogue. To receive an email when new episodes are released, access episode transcripts, and read Esfandyar's notes on each episode, sign-up for the The Sanctions Age newsletter on Substack: https://www.thesanctionsage.com/