Foreign banks must worry about being cut off from CHIPS if they transact with US-designated targets, creating a chilling effect where they preemptively sever ties with any entity remotely associated with potential US sanctions, a dynamic that was particularly evident in the Russian sanctions following the Ukraine invasion.
causalpending
Speaker
Demetri CafenasEvidence Quote
“I think even before the private sector was way ahead of the government in applying those secondary sanctions to entities doing business with Russia because they were worried that if they it wasn't worth their time... Just get out of Russia, get out of dealing with these companies because what if the US government decides to sanction them, etc.”
Source
Will the U.S. Dollar Survive the Breakdown of the International System? | Paul Blustein— Hidden ForcesCreated: 8/11/2026, 7:11:47 AM
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