Awards

• Runner-up for Axiom Business Book Award in International Business and Globalization 2023

Overview

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, 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 even harm American interests. Backfire explores the surprising ways sanctions affect multinational companies, governments, and ultimately millions of people around the world. Drawing on interviews with experts, policy makers, and people in sanctioned countries, Agathe Demarais examines the unintended consequences of the use of sanctions 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 counterintuitive insights spanning a wide range of topics, from commodities markets in Russia 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.

Full Product Details

Author:   Agathe Demarais
Publisher:   Columbia University Press
Imprint:   Columbia University Press
ISBN:  

9780231199902

ISBN 10:   0231199902
Pages:   304
Publication Date:   15 November 2022
Audience:   General/trade ,  General
Format:   Hardback
Publisher's Status:   Active
Availability:   In stock  
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Table of Contents

Preface Part I: Sanctions Genesis 1. From Embargoes to Sanctions: A Brief History 2. Hitting Where It Hurts: The Era of Financial Sanctions 3. Hit and Miss: Why Sanctions Sometimes Work, but More Often Fail Part II: Sanctions Crossfire 4. Collateral Damage: When Sanctions Kill 5. Sanctions Overreach: When Foreign Firms Get Caught in the Crossfire 6. Sanctions Overkill: When sanctions Crash Global Commodities Markets 7. Sanctions Disputes: When Russian Gas Pipelines Divide Allies Part III: Sanctions Blues 8. Sanctions Busting, Avoidance Schemes from U.S. Friends and Foes 9. Doing Down the Dollar: The Rise of Digital Coins and Other Reserve Currencies 10. High-tech Future: Are Export Controls the Sanctions of Tomorrow? 11. When Sanctions Work Too Well: Why Decoupling from China Would Backfire Conclusion Acknowledgments Notes Bibliography Index

Reviews

Sanctions are in fashion. Trump used them with relish. Biden has deployed formidable ones against Russia. But do they work? And what are their side effects and long-term impact? These are critical questions, and Agathe Demarais's excellent, clear-headed book has uncomfortable answers. -- Daniel Franklin, executive editor, <i>The Economist</i> Backfire is a balanced, fast-paced, and often surprising account of the growing influence that sanctions have had on businesses, economies, and people around the world over recent decades, highlighting their often unintended and self-defeating consequences as well as their rare successes. -- Paul Hannon, <i>The Wall Street Journal</i> With the knowledge of an expert and the tight prose of a journalist, Agathe Demarais has written a fast-paced, well-articulated review of the difficulties, risks, and unintended consequences of using sanctions. This book should be added to university curricula and personal reading lists alike. -- Richard Nephew, author of <i>The Art of Sanctions: A View from the Field</i> Linking her knowledge of international sanctions to a fascinating, lively account of their far-reaching effects (including humanitarian), Demarais provides a powerful and compelling narrative of the overuse of sanctions by the United States for the past decade. An indispensable read to dive into international relations through an original and timely prism. -- Julien Nocetti, Saint-Cyr Military Academy

Sanctions are in fashion. Trump used them with relish. Biden has deployed formidable ones against Russia. But do they work? And what are their side effects and long-term impact? These are critical questions, and Agathe Demarais's excellent, clear-headed book has uncomfortable answers. -- Daniel Franklin, executive editor, <i>The Economist</i> Backfire is a balanced, fast-paced, and often surprising account of the growing influence that sanctions have had on businesses, economies, and people around the world over recent decades, highlighting their often unintended and self-defeating consequences as well as their rare successes. -- Paul Hannon, <i>The Wall Street Journal</i> With the knowledge of an expert and the tight prose of a journalist, Agathe Demarais has written a fast-paced, well-articulated review of the difficulties, risks, and unintended consequences of using sanctions. This book should be added to university curricula and personal reading lists alike. -- Richard Nephew, author of <i>The Art of Sanctions: A View from the Field</i> Linking her knowledge of international sanctions to a fascinating, lively account of their far-reaching effects (including humanitarian), Demarais provides a powerful and compelling narrative of the overuse of sanctions by the United States for the past decade. An indispensable read to dive into international relations through an original and timely prism. -- Julien Nocetti, Saint-Cyr Military Academy Anyone interested in sanctions, especially those implemented by the United States and the broader impact of the economic tool, should explore this very current and thoughtful work. This book will be appreciated by both the general reader and serious scholar, which makes it a perfect addition to economic and policy collections. -- James Rhoades * Library Journal * The heyday of US-led sanctions is drawing to a close. Demarais predicts that a self-reliant China will increasingly undermine US sanctions on Iran, North Korea, Russia, Venezuela and other authoritarian regimes. Backfire provides valuable pointers for policymakers. -- Robert Wihtol * Australian Strategic Policy Institute * Excellent, insightful and rather sobering. -- Mark Beeson * The Conversation * Demarais’ astute analysis is both compelling and persuasive. […] Backfire is an engaging and enlightening read on a crucially important subject. -- Gregory Brew * The Bridge * Her industry perspective is illuminating when exploring how firms behave toward sanctions. -- Ali Ahmadi * International Affairs * The book is riveting stuff for the reader. It encompasses case studies of many episodes of US sanctions in recent decades, starting with Cuba. In short, an abundance of high-quality and delicious food for thought. Not only about sanctions, but especially about contemporary America. -- Boris Begović * Belgrade Law Review * Demarais offers a timely and important contribution of a primarily European perspective to an important debate: Do U.S. sanctions work? Her book is a breezy tour through a series of case studies that examine the sometimes unforeseen forces U.S. sanctions unleashed, their impact on European companies, and the responses they triggered from European officials. […] The lesson one might draw from “Backfire” is this: The U.S. needs to engage Europe. -- Michael Laha * The Diplomat * In Backfire, Agathe Demarais highlights the risks of [export controls]. Though her manuscript was completed before the chip export ban, her argument is prescient: […] to be effective, [sanctions] should be targeted, short-term, and backed by allies. -- Edoardo Campanella * Project Syndicate * Agathe Demarais has written one of the timeliest books to be published in [2022]. […] Demarais’s book is not only essential to understanding the dynamics of U.S. sanctions but, considering that it was finished in early 2022, has proven to be prophetic with regard to recent developments in Russian oil, European energy, and semiconductors. -- Mathias Fuelling * The Oxonian Review * Current sanctions may undermine the effectiveness of future sanctions; thus, weaponizing Western banks and currencies against Russia may encourage Moscow and others to increase their reliance on China’s financial system. Demarais posits that the use of sanctions as a policy instrument has probably peaked. -- Barry Eichengreen * Foreign Affairs * Demarais, a global policy expert, provides a contemporary analysis of U.S. sanctions’ place, function, and effects in the world. [She] illuminate[s] how globalization became weaponized by superpowers and how it might have fractured the world. -- Robin Kaiser-Schatzlein * The New Republic * Backfire offers a critical contribution to the field by explaining to laypersons, policymakers and international affairs experts alike what sanctions are about and what they do in ‘real’ life. Agathe Demarais uses an impressive number of examples and anecdotes to surgically decipher how sanctions work. -- Mathieu Boulègue * RUSI Journal * Backfire […] paints a fascinating picture of what sanctions can mean in practice. Against the vague and general descriptions in much popular and academic writing on sanctions, Demarais provides startling, [overwhelming], and instructive case studies of sanctions gone wrong. -- Benjamin Letzler * International and Comparative Law Quarterly * The book’s perspective can be distinguished from works by former US officials […]. American sanctions practitioners tend to write about sanctions with a certain detachment. They rarely have experience “in the field” and the unintended consequences are an affirmation of the power of the economic weapon they helped develop. For her part, Demarais aims to provide a “clear picture” about [sanctions’] effects. -- Esfandyar Batmanghelidj * Phenomenal World * Demarais’s argument raises important questions about why the Biden administration would choose to start a process of decoupling from China that is likely to have such potent longer-term consequences in terms of how the global economy is put together […]. Too many analysts have pointed in this direction. Demarais is one of the most recent and most compelling. -- Erik Jones * Survival * Backfire is particularly strong on the concerns that European political leaders had over the United States’ unilateral use of sanctions. These policies, plus U.S. tariffs on European and allied goods, fueled the “strategic autonomy” agenda aimed at ensuring the EU could conduct its own foreign policy. -- Rachel Ziemba * Lawfare * Precise, direct, and spare, yet with an engaging tone often bordering on the wry, Agathe Demarais’s Backfire is everything one would expect of a book written by the head of The Economist’s Intelligence Unit. It achieves the rare blend of being both informative and enjoyable. Demarais’s guidance is offered neither as a polemic nor a jeremiad, but rather as a frank and honest appraisal of a highly popular national security policy tool whose future utility may be increasingly limited. -- Captain Eric Schuck * Proceedings * Important. Compelling. Relevant. -- Delaney Simon * War on the Rocks * From unintended humanitarian consequences to sanctions derailing global commodities markets, Demarais provides detailed sanctions of well-intended policies having unintended consequences. * National Interest *

With the knowledge of an expert and tight prose of a journalist, Agathe Demarais has written a fast-paced, well-articulated review of the difficulties, risks, and unintended consequences of using sanctions. This book should be added to university curricula and personal reading lists alike. -- Richard Nephew, author of <i>The Art of Sanctions: A View from the Field</i> Linking her knowledge of international sanctions to a fascinating, lively account of their far-reaching effects (including humanitarian), Demarais provides a powerful and compelling narrative of the over-use of sanctions by the United States for the past decade. An indispensable read to dive into international relations through an original and timely prism. -- Julien Nocetti, Saint-Cyr Military Academy

Sanctions are in fashion. Trump used them with relish. Biden has deployed formidable ones against Russia. But do they work? And what are their side effects and long-term impact? These are critical questions, and Agathe Demarais's excellent, clear-headed book has uncomfortable answers. -- Daniel Franklin, executive editor, <i>The Economist</i> With the knowledge of an expert and tight prose of a journalist, Agathe Demarais has written a fast-paced, well-articulated review of the difficulties, risks, and unintended consequences of using sanctions. This book should be added to university curricula and personal reading lists alike. -- Richard Nephew, author of <i>The Art of Sanctions: A View from the Field</i> Linking her knowledge of international sanctions to a fascinating, lively account of their far-reaching effects (including humanitarian), Demarais provides a powerful and compelling narrative of the over-use of sanctions by the United States for the past decade. An indispensable read to dive into international relations through an original and timely prism. -- Julien Nocetti, Saint-Cyr Military Academy

Sanctions are in fashion. Trump used them with relish. Biden has deployed formidable ones against Russia. But do they work? And what are their side effects and long-term impact? These are critical questions, and Agathe Demarais's excellent, clear-headed book has uncomfortable answers. -- Daniel Franklin, executive editor, <i>The Economist</i> Backfire is a balanced, fast-paced, and often surprising account of the growing influence that sanctions have had on businesses, economies, and people around the world over recent decades, highlighting their often unintended and self-defeating consequences as well as their rare successes. -- Paul Hannon, <i>The Wall Street Journal</i> With the knowledge of an expert and the tight prose of a journalist, Agathe Demarais has written a fast-paced, well-articulated review of the difficulties, risks, and unintended consequences of using sanctions. This book should be added to university curricula and personal reading lists alike. -- Richard Nephew, author of <i>The Art of Sanctions: A View from the Field</i> Linking her knowledge of international sanctions to a fascinating, lively account of their far-reaching effects (including humanitarian), Demarais provides a powerful and compelling narrative of the overuse of sanctions by the United States for the past decade. An indispensable read to dive into international relations through an original and timely prism. -- Julien Nocetti, Saint-Cyr Military Academy Anyone interested in sanctions, especially those implemented by the United States and the broader impact of the economic tool, should explore this very current and thoughtful work. This book will be appreciated by both the general reader and serious scholar, which makes it a perfect addition to economic and policy collections. -- James Rhoades * Library Journal * The heyday of US-led sanctions is drawing to a close. Demarais predicts that a self-reliant China will increasingly undermine US sanctions on Iran, North Korea, Russia, Venezuela and other authoritarian regimes. Backfire provides valuable pointers for policymakers. -- Robert Wihtol * Australian Strategic Policy Institute * Excellent, insightful and rather sobering. -- Mark Beeson * The Conversation * Demarais’ astute analysis is both compelling and persuasive. […] Backfire is an engaging and enlightening read on a crucially important subject. -- Gregory Brew * The Bridge * Her industry perspective is illuminating when exploring how firms behave toward sanctions. -- Ali Ahmadi * International Affairs * The book is riveting stuff for the reader. It encompasses case studies of many episodes of US sanctions in recent decades, starting with Cuba. In short, an abundance of high-quality and delicious food for thought. Not only about sanctions, but especially about contemporary America. -- Boris Begović * Belgrade Law Review * Demarais offers a timely and important contribution of a primarily European perspective to an important debate: Do U.S. sanctions work? Her book is a breezy tour through a series of case studies that examine the sometimes unforeseen forces U.S. sanctions unleashed, their impact on European companies, and the responses they triggered from European officials. […] The lesson one might draw from “Backfire” is this: The U.S. needs to engage Europe. -- Michael Laha * The Diplomat * In Backfire, Agathe Demarais highlights the risks of [export controls]. Though her manuscript was completed before the chip export ban, her argument is prescient: […] to be effective, [sanctions] should be targeted, short-term, and backed by allies. -- Edoardo Campanella * Project Syndicate * Agathe Demarais has written one of the timeliest books to be published in [2022]. […] Demarais’s book is not only essential to understanding the dynamics of U.S. sanctions but, considering that it was finished in early 2022, has proven to be prophetic with regard to recent developments in Russian oil, European energy, and semiconductors. -- Mathias Fuelling * The Oxonian Review * Current sanctions may undermine the effectiveness of future sanctions; thus, weaponizing Western banks and currencies against Russia may encourage Moscow and others to increase their reliance on China’s financial system. Demarais posits that the use of sanctions as a policy instrument has probably peaked. -- Barry Eichengreen * Foreign Affairs * Demarais, a global policy expert, provides a contemporary analysis of U.S. sanctions’ place, function, and effects in the world. [She] illuminate[s] how globalization became weaponized by superpowers and how it might have fractured the world. -- Robin Kaiser-Schatzlein * The New Republic * Backfire offers a critical contribution to the field by explaining to laypersons, policymakers and international affairs experts alike what sanctions are about and what they do in ‘real’ life. Agathe Demarais uses an impressive number of examples and anecdotes to surgically decipher how sanctions work. -- Mathieu Boulègue * RUSI Journal * Backfire […] paints a fascinating picture of what sanctions can mean in practice. Against the vague and general descriptions in much popular and academic writing on sanctions, Demarais provides startling, [overwhelming], and instructive case studies of sanctions gone wrong. -- Benjamin Letzler * International and Comparative Law Quarterly * The book’s perspective can be distinguished from works by former US officials […]. American sanctions practitioners tend to write about sanctions with a certain detachment. They rarely have experience “in the field” and the unintended consequences are an affirmation of the power of the economic weapon they helped develop. For her part, Demarais aims to provide a “clear picture” about [sanctions’] effects. -- Esfandyar Batmanghelidj * Phenomenal World * Demarais’s argument raises important questions about why the Biden administration would choose to start a process of decoupling from China that is likely to have such potent longer-term consequences in terms of how the global economy is put together […]. Too many analysts have pointed in this direction. Demarais is one of the most recent and most compelling. -- Erik Jones * Survival * Backfire is particularly strong on the concerns that European political leaders had over the United States’ unilateral use of sanctions. These policies, plus U.S. tariffs on European and allied goods, fueled the “strategic autonomy” agenda aimed at ensuring the EU could conduct its own foreign policy. -- Rachel Ziemba * Lawfare * Precise, direct, and spare, yet with an engaging tone often bordering on the wry, Agathe Demarais’s Backfire is everything one would expect of a book written by the head of The Economist’s Intelligence Unit. It achieves the rare blend of being both informative and enjoyable. Demarais’s guidance is offered neither as a polemic nor a jeremiad, but rather as a frank and honest appraisal of a highly popular national security policy tool whose future utility may be increasingly limited. -- Captain Eric Schuck, * U.S. Navy Reserve, U.S. Naval Institute * Important. Compelling. Relevant. -- Delaney Simon * War on the Rocks * From unintended humanitarian consequences to sanctions derailing global commodities markets, Demarais provides detailed sanctions of well-intended policies having unintended consequences. * National Interest *

Author Information

Agathe Demarais leads the work of the European Council on Foreign Relations (ECFR) on geoeconomics. She was previously the global forecasting director of the Economist Intelligence Unit and an economic policy adviser for the diplomatic corps of the French Treasury in Russia and Lebanon.

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