Q.3 A shift is taking place in the business of global dominance and hegemony, from the model of expressing force through troop presence to financial sanctions. In the context of this, discuss the ways in which financial sanctions work and the dominance of the US in it.(10 Marks)

Mentor’s comment-
  • https://indianexpress.com/article/opinion/columns/us-eu-sanctions-russia-7796572/
  • In the intro, mention the economic sanctions declared against Russia in the wake of its invasion of Ukraine.
  • In the body, mention the ways in which sanctions play out and harm the economy of the country against which these sanctions are announced. In the next part mention the dominance of the US in leading these sanctions through its various banks and SWIFT.
  • Conclude by mentioning that private sector actors become important in “leveraging and calibrating sanctions” in the service of broader foreign policy and security ends.
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