The modern world cannot create global effective mechanisms to counter US sanctions, since the main alternative economic centers of Washington — the EU and China — are not yet interested in this for various reasons, said the report of the Valdai international discussion club prepared for SPIEF-2019, TASS reported

The report focuses on the so-called secondary sanctions - the punitive measures of the American authorities against individuals and companies that do business with those who are on the main sanction lists.

Washington can fine such businesses and people if they carry out part of their calculations in the United States. And since control of the global financial system remains largely in the hands of the United States, most global companies find themselves in a vulnerable position. Control over the financial system allows the US to also relatively easily identify such transactions.

According to the report, Europe is trying to resist the economic pressure of the US in order to protect the interests of its business. Such precedents were in Soviet times, when European countries opposed US attempts to prevent the construction of gas pipelines from the USSR to the west in the mid-1990s, when Washington sought to internationalize sanctions against Iran, after the United States left the Iranian nuclear deal in 2018 , to which the EU responded with plans to create a separate mechanism for the calculation of INSTEX.

“The absence of applicants for a change in the global financial system is currently cementing the superiority of the US,” the author concluded. However, he immediately notes that the impact of the sanctions still remains limited - they turned out to be a painful tool in respect of countries disliked by Washington, but usually they are not able to lead to a change in their political course. Tight integration into the world economy and the overall high level of its development can effectively withstand pressure.