The US has imposed a range of sanctions on Russia, including curbs to its sovereign debt market, to punish it for allegedly interfering in last year’s U.S. election, cyber hacking, bullying Ukraine and other alleged malign actions. Russia denies the allegations, and considers the sanctions hostile steps.
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Iran and China have signed a 25-year wide-ranging cooperation agreement referred to as the ‘Comprehensive Strategic Partnership’. The agreement has long been under development, but the signing comes as both countries remain under US sanctions.
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Secondary sanctions are a potent form of economic coercion that allows the US to extend its jurisdiction well beyond its borders, enabling interference in other nations’ foreign policy independence and infringing other nations’ sovereignty. Knudsen argues that economic autonomy depends on displacing the US from the central role in international finance.
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