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Events Finance & Economics

How Sanctions Backfire: A Book Talk and Fireside Chat with Agathe Demarais

Past Event

November 16, 2022

12:00 pm - 1:00 pm

Sanctions have become the go-to foreign policy tool for the United States. Coercive economic measures such as trade tariffs, financial penalties, and export controls affect large numbers of companies and states across the globe. Some of these penalties target nonstate actors, such as Colombian drug cartels and Islamist terror groups; others apply to entire countries, including North Korea, Venezuela, Iran, and Russia. U.S. policy makers see sanctions as a low-cost tactic, but in reality these measures often fail to achieve their intended goals — and their potent side effects can harm American interests.

Backfire, the new book by Agathe Demarais, the global forecasting director of the Economist Intelligence Unit (EIU), explores the surprising ways sanctions affect multinational companies, governments, and ultimately millions of people around the world. Drawing on interviews with experts, policymakers, and people in sanctioned countries, Demarais examines the unintended consequences sanctions can have when used as a diplomatic weapon. The proliferation of sanctions spurs efforts to evade them, as states and firms seek ways to circumvent U.S. penalties. This is only part of the story. Sanctions also reshape relations between countries, pushing governments that are at odds with the U.S. closer to each other — or, increasingly, to Russia and China.

Full of insights spanning a wide range of topics, from Russia’s invasion of Ukraine to Iran’s COVID response and China’s cryptocurrency ambitions, Backfire reveals how sanctions are transforming geopolitics and the global economy — as well as diminishing U.S. influence. This insider’s account is an eye-opening, accessible, and timely book that sheds light on the future of sanctions in an increasingly multipolar world.

The Center on Global Energy Policy and the Center for a New American Security hosted a fireside chat with Agathe Demarais moderated by Edward Fishman, CGEP Senior Research Scholar, CNAS Adjunct Senior Fellow, and former member of Secretary of State John Kerry’s Policy Planning Staff. Their discussion focused on key findings of Backfire, the latest Columbia University Press release in the Center on Global Energy Policy series.

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Relevant
Publications

Energy and Climate Issues During the Trump Administration’s First 100 Days

President Donald Trump has made energy a clear focus for his second term in the White House. Having campaigned on an “America First” platform that highlighted domestic fossil-fuel growth, the reversal of climate policies and clean energy incentives advanced by the Biden administration, and substantial tariffs on key US trading partners, he declared an “energy emergency” on his first day in office.

Energy and Climate Issues During the Trump Administration’s First 100 Days

Africa’s Climate Finance Problem: African Sovereigns, Green Bonds, and Climate Action

TRENDS Research & Advisory strives to present an insightful and informed view of global issues and challenges from a strategic perspective. Established in 2014 as an independent research center, TRENDS conducts specialized studies in the fields of international relations and political, economic and social sciences.

External Publications by Harry Verhoeven & Gautam Jain TRENDS Research & Advisory • December 20, 2024
Africa’s Climate Finance Problem: African Sovereigns, Green Bonds, and Climate Action
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