Are U.S. Sanctions on Russia Working?

Over the course of an era of American dominance, Washington has built an unprecedented ability to inflict pain on what it deems to be rogue actors in the international system. The U.S. toolkit of sanctions and second- and third-order measures can cut off most countries—or companies—from global commerce and trade. This unparalleled strength, in tandem with the efforts of a network of allies, can have profound effects on geopolitics and the behavior of states. But conversely, if the United States overuses its ability to sanction other countries, then the effectiveness of those measures can erode; some large economies can seek to create alternatives to Western financial systems and to the U.S. dollar itself.