Geopolitics · Finance · michelerovatti.com
The Weaponized Dollar: US Sanctions 1963–2026
Every active US sanctions program as of 2026, sorted by severity. When you sanction this many countries, the weapon starts to lose its edge — and the world starts building alternatives.
30+
Active programs
4
Full embargoes
20+
Targeted programs
63
Years — Cuba embargo
Each square is one sanctioned country or program
Comprehensive embargo
Heavy targeted
Targeted program
Strategic rivalry
2022 · The moment everything changed
The US froze $300 billion in Russian reserves. Every central bank in the world noticed.
When Washington froze Russia's sovereign reserves held in Western financial institutions following the invasion of Ukraine, it demonstrated that the dollar system could be weaponized against a G20 economy at will. The message was received in Beijing, Riyadh, New Delhi, and Brasília simultaneously. Gold purchases by central banks hit record highs in 2022 and 2023. De-dollarization accelerated from theory to policy. The sanctions worked against Russia. They may have undermined the system they were designed to protect.
$300B
Russian reserves frozen in 2022
58%
Dollar share of global reserves (was 71% in 2001)
1,136T
Gold purchased by central banks 2022–23 (tonnes)
Comprehensive Embargoes
4 countries — virtually all trade prohibited
Comprehensive
01
Cuba
Since 1963
The longest-running US embargo in history. Imposed following Cuba's nationalization of American property and alignment with the Soviet Union. Survived the end of the Cold War, a brief Obama-era thaw (2015–2017), and the Trump reimposition. 63 years and counting.
Comprehensive
02
Iran
Since 1979
Imposed after the Islamic Revolution and the hostage crisis. Expanded repeatedly over four decades to cover nuclear programme, terrorism sponsorship, and missile development. The JCPOA (2015) briefly relaxed them; Trump's "maximum pressure" campaign (2018) reimposed them. Biden did not reverse them. Trump's second term doubled down.
Comprehensive
03
North Korea
Since 2008 (comprehensive)
Targeted sanctions date to the 1950s; the comprehensive framework was tightened after North Korea's 2006 nuclear test. Now covers virtually all trade. North Korea has responded by accelerating its nuclear programme, demonstrating the limits of economic pressure against a regime that prioritises military capability over citizen welfare.
Comprehensive
04
Syria
Since 2004 (comprehensive from 2011)
Targeted sanctions began in 2004 over WMD concerns and support for terrorism. The comprehensive framework was imposed following Assad's crackdown on the 2011 uprising. Assad fell in late 2024; a transitional government took power. OFAC issued limited general licences for reconstruction activity in 2025, but the formal sanctions framework remains in place as of 2026.
Heavy Targeted Programs
6 countries — sector and elite sanctions
Heavy targeted
05
Russia
Escalating since 2014
Initial sanctions followed the 2014 annexation of Crimea. The 2022 full-scale invasion of Ukraine triggered the most sweeping financial sanctions in history: SWIFT disconnection for major banks, $300 billion in sovereign reserves frozen, oil price cap, export controls on semiconductors. Russia's two largest oil companies were sanctioned in October 2025 under Trump's second term.
Heavy targeted
06
Belarus
Since 2006, expanded 2020
Initial sanctions targeted Lukashenko's regime for human rights abuses. Dramatically expanded after the 2020 disputed elections and subsequent crackdown, and again after Belarus facilitated Russia's 2022 invasion. State enterprises including Belaruskali (the world's largest potash producer) and the national airline Belavia are designated.
Heavy targeted
07
Venezuela
Since 2015, expanded 2019
Targeted the Maduro regime's human rights abuses and narcotrafficking. PDVSA, Venezuela's state oil company, was designated in 2019 — the most economically significant single designation outside Russia and Iran. Oil sector licences have been periodically issued and revoked depending on Maduro's compliance with electoral commitments. The sanctions have failed to remove him.
Heavy targeted
08
Myanmar / Burma
Since 1997, expanded 2021
Sanctions date to the first military government in the 1990s, were eased during the democratic transition under Aung San Suu Kyi, then dramatically reimposed after the February 2021 coup. The military junta that seized power has consolidated control despite sanctions, demonstrating the pattern: economic pressure alone does not reverse successful military coups.
Heavy targeted
09
Sudan
Since 1997
Originally imposed for Sudan's designation as a state sponsor of terrorism and its hosting of Osama bin Laden in the 1990s. Partially lifted in 2017 under Obama after Sudan cooperated on counterterrorism. Reimposed and expanded following the 2021 military coup that derailed the democratic transition. Civil war between the SAF and RSF continues as of 2026.
Heavy targeted
10
Nicaragua
Since 2018
Imposed under the NICA Act following Ortega's violent crackdown on 2018 protests. Expanded to cover senior regime officials, state enterprises, and the gold sector. Ortega has responded by expelling the Catholic Church, closing universities, and stripping citizenship from opponents — demonstrating that targeted sanctions on corrupt autocrats rarely change the autocrat's behaviour.
Targeted Programs
15 countries and regions
Targeted
11
Iraq
Since 1990
Comprehensive sanctions were imposed after Iraq's invasion of Kuwait in 1990 and maintained through the 1990s. Eased significantly after the 2003 invasion and Saddam's removal. Targeted programs now focus on specific individuals and entities threatening Iraq's stability — including Iranian-backed militias operating within the country.
Targeted
12
Libya
Since 1986
Initially imposed under Reagan over Gaddafi's support for terrorism and the Lockerbie bombing. Eased significantly after Gaddafi renounced WMDs in 2003. Reimposed following the 2011 civil war and Gaddafi's fall. Libya remains split between rival governments in Tripoli and Benghazi, with targeted sanctions on individuals fuelling the conflict.
Targeted
13
Lebanon
Since 2006
Primarily targets Hezbollah and its financial networks. Expanded significantly in 2019–2020 to cover Lebanese officials who facilitated Hezbollah's political power. The 2020 Beirut port explosion and the subsequent economic collapse have not changed the sanctions architecture — they remain focused on Hezbollah rather than Lebanon's failed state.
Targeted
14
Zimbabwe
Since 2003
Imposed under the Zimbabwe Democracy and Economic Recovery Act following Mugabe's violent land seizures and election manipulation. Partially eased under Mnangagwa after Mugabe's 2017 removal, then reimposed as the new regime continued many of the same practices. A case study in the limits of political conditionality.
Targeted
15
Balkans
Since 2001
Targets individuals threatening the Dayton Agreement and stability in the Western Balkans. Primarily used against Bosnian Serb politicians obstructing the peace process and Serbian organised crime networks. One of the oldest remaining post-Cold War targeted programs.
Targeted
16
Somalia
Since 2010
Targets Al-Shabaab and individuals threatening Somali peace and reconciliation. One of the longest-running counter-terrorism sanctions programs in Africa. Al-Shabaab remains operational across large parts of southern Somalia despite twenty years of international military and economic pressure.
Targeted
17
Yemen
Since 2012
Initially targeted former president Saleh and those threatening Yemen's political transition. Expanded to cover Houthi leadership following the 2014 takeover of Sana'a. The Houthis were designated a Foreign Terrorist Organization by Trump in 2021, removed by Biden, then redesignated by Trump's second term in 2025 — as Houthi attacks on Red Sea shipping continued regardless.
Targeted
18
South Sudan
Since 2014
Imposed during the civil war that erupted in 2013 between forces loyal to President Kiir and former Vice President Machar. Targets individuals undermining the peace process and committing atrocities. South Sudan remains one of the world's most fragile states despite a 2018 peace agreement.
Targeted
19
Central African Republic
Since 2014
Imposed during the sectarian civil war between Christian anti-Balaka and Muslim Séléka factions. Targets armed group leaders and those obstructing humanitarian access. The CAR has since invited Russian Wagner Group forces, which the US has also sanctioned — creating a sanctions-on-sanctions dynamic with no clear resolution.
Targeted
20
DR Congo
Since 2006
Targets armed groups and individuals fuelling conflict in eastern DRC — one of the world's longest-running and most deadly conflicts. The M23 rebel group, backed by Rwanda, renewed its offensive in 2024, seizing Goma. Sanctions have not stopped the conflict; the DRC's mineral wealth continues to finance it.
Targeted
21
Ethiopia
Since 2021
Imposed during the Tigray civil war for human rights abuses committed by Ethiopian federal forces and Eritrean troops. Partially eased after the November 2022 Pretoria peace agreement. A case where sanctions may have contributed to a negotiated settlement — one of the few success stories on this list.
Targeted
22
Hong Kong
Since 2020
Imposed under the Hong Kong Autonomy Act following China's imposition of the National Security Law. Targets Chinese and Hong Kong officials responsible for eroding Hong Kong's autonomy. The first US sanctions program explicitly targeting Chinese governance decisions — a significant escalation in the bilateral rivalry.
Targeted
23
Afghanistan
Since 2022 (Taliban)
Following the Taliban's August 2021 takeover, OFAC designated Taliban leadership and froze $7 billion in Afghan central bank reserves held in the United States. The reserves remain frozen as of 2026, with the humanitarian consequences debated: the funds could fund Afghan reconstruction but would legitimise the Taliban government.
Targeted
24
Mali
Since 2022
Imposed following the August 2020 and May 2021 military coups. Targets junta leadership and those obstructing Mali's democratic transition. The junta expelled French forces, invited Wagner Group, and has moved closer to Russia — a pattern repeating across the Sahel that sanctions have failed to reverse.
Strategic rivalry
25
Chinese Military Companies
Since 2020
The only program targeting a G20 economy's corporate sector rather than its government. Prohibits US investors from holding securities of designated Chinese companies with ties to the People's Liberation Army. Over 60 companies designated including CNOOC, China Telecom, and SMIC. The first explicit use of financial sanctions as a tool of great-power competition.
Method
Based on active OFAC sanctions programs as of August 2026. "Comprehensive embargoes" prohibit virtually all transactions without a specific licence. "Heavy targeted" programs cover major state enterprises, financial sectors, and elite networks. "Targeted" programs focus on specific individuals, entities, or conflict-related actors. Years refer to the first imposition of the primary sanctions framework; most programs have been significantly expanded since. The Syria sanctions formal framework remains in place despite the Assad government's fall in late 2024.
Free Thinker · michelerovatti.com
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