International transactions under sanctions: global experiences and prospects

in today’s world, economic sanctions have become one of the key instruments of political pressure on states and their financial institutions. This article examines global practices in the application of sanctions (focusing on the examples of Iran, Venezuela, North Korea, and Russia) and explores the mechanisms that enable partial circumvention of restrictions in the field of international transactions. The study analyses the role of alternative payment systems and national currencies, including attempts at de-dollarization, and evaluates the prospects and risks of their use for different categories of businesses. It concludes that all currently available “workaround” solutions carry high transaction, regulatory, and reputational risks, and can only be effective for limited volumes. In the long run, the most viable strategy appears to be further development of settlements in national currencies and the creation of independent payment infrastructures, although achieving a complete replacement of the dollar-based system in the foreseeable future remains highly challenging.

sanctions, international transactions, national currencies, cryptocurrencies, sanctions circumvention, SWIFT, de-dollarization