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1/ "Secondary Sanctions" - What are they, and how do they work? Since Donald Trump is floating them against Russia's trading partners, and with absolutely no expectation he won't change his mind again next week and declare Zelenskyy the real villain, I thought I'd do a (long, sorry) explainer.

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Never apologise. It’s why we follow experts. For the expertise lol. My least favourite thing on podcasts on any subject is the experts and host going “you’ll have to forgive us. We’re going to get into the weeds on this one.” That’s why we listen! Now. Shower us in expertise. Please.

2/ First, what are sanctions? Sanctions are rules that make it illegal for my citizens to conduct certain forms of business with whomever the sanctions target. Who they apply to (targets), and what kind of business they cover (scope), can be vary in breadth.

3/ For example in terms of targets the EU sanctions individuals, entities (companies or organizations) and entire regimes. And in terms of scope they might ban travel, freeze assets, restrict sales of certain goods or ban all financial interactions.

4/ Sanctions tend to have a range of objectives: a) Symbolically signalling outrage and punitive intent; b) Denying a state weapons or the inputs it needs to make weapons; c) Applying economic pressure toward policy changes or regime change

5/ I should note at this point that this can all get hideously complicated for business to navigate, and governments to enforce. Eg. Banks and other financial entities have to spend millions on "Know Your Customer" stuff to make sure they're not accidentally doing business with sanctioned entities.

Ofcourse, (when does he ever know what he's talking about? 😆) What I meant is, policy wonks have likely explained a sanctions policy as tariffs, so he's quite probably using the language of tariffs to describe sanctions. That's my guess anyhow.