title: The Economic Weapon: The Rise of Sanctions as a Tool of Modern War
abstract: When Britain and Russia went to war in Crimea in 1853, they continued to service each other’s debts. In the summer of 1934, when the German Reichsbank held barely a week’s worth of hard currency to finance foreign exchange transactions and sanctions might have toppled the new Nazi regime, British banks opposed sanctions due to a risk of default and losses on their holdings of German debt. In 2022, the Office of Foreign Assets Control of the US Treasury has by turns permitted and blocked Russia’s
journal: Journal of International Economic Law