Oil sanctions could undercut US power

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Financial Times 19h ago

Oil sanctions could undercut US power - Financial Times

Quick Summary:

US President Donald Trump is not only unleashing wildly capricious tariffs (a word, incidentally, drawn from Arabic), he is also implementing sanctions.

Maybe that will work, given the dollar’s current dominance. But, to echo Demarais’ point, history shows that while sanctions can sometimes be effective, they must be used very decisively, with allies.

Back in 2022, after Moscow’s brutal invasion of Ukraine, America and Europe put sanctions on Russia’s oil exports, hoping to hit its economy, just as earlier sanctions did with Iran.