Edward Fishman’s first book, Chokepoints, is a study of American economic warfare. Densely reported but fast-moving, the book examines recent US sanctions policy regarding Iran, Russia and China, and how the dollar’s dominance of international financial systems has allowed administrations to pursue political aims.
Fishman’s own service under Barack Obama, at Treasury, Pentagon and State, stands him in good stead. So does teaching at Columbia and being a Washington thinktank fellow.
As Chokepoints comes out, Donald Trump is beginning talks with Russia aimed at ending the war in Ukraine. Russia is seeking relief from US sanctions, which Trump seems inclined to give, and Ukraine and Europe are increasingly isolated from the US.
“The record of the first Trump administration on Russia is not particularly strong,” Fishman said, diplomatically, when asked what the US might expect from a president widely held to be in thrall to Vladimir Putin – and speaking before Trump’s spectacular Oval Office argument with Volodymyr Zelenskyy of Ukraine and subsequent suspension of US military aid.
Fittingly, as the author of a history of modern sanctions, Fishman looked back to look forward – and did not find encouraging signs.
In 2018, “under pressure from Congress, Trump imposed sanctions on Oleg Deripaska, an aluminum magnate in Russia … Deripaska owned Rusal, which is the largest aluminum company in Russia, and produced almost 10% of the world’s aluminum. And overnight, basically, aluminum prices skyrocket, Rusal stock collapses, and there’s significant chaos in metal markets.
“And Trump gets all these calls from the Russians, from CEOs, saying, ‘What are you doing? Stop.’ And he just pulls back the sanctions.”
Years later, that episode is “concerning” to Fishman, “for a few reasons. One is, I think it signals to Russia that as soon as [Trump’s US faces] even the slightest amount of blowback, he will cave, even absent any concessions. It wasn’t like Putin gave any political concessions [in 2018]. It wasn’t like, ‘OK, we’re gonna free these prisoners overnight, we’re gonna stop this bombardment in Ukraine,’ because there was a low, simmering conflict being fought at the time. Trump just pulled back the sanctions.
“And after that is when Russia shifts basically all of its foreign exchange reserves out of the dollar and into the euro and the yuan, the Chinese currency, and gold. So that was the key moment. Putin realizes [about Trump], ‘This guy, he doesn’t have the stomach to do anything, but also he’s so erratic.’ I think that was when the US lost leverage it needs with Russia, though I think it contributed to Putin underestimating the sanctions he would face in 2022”, from Biden, when he ordered a full invasion.
US sanctions have hurt Russia deeply – and therefore should be among Trump’s strongest cards to play. Typically, he has been inconsistent. Usually friendly to Moscow, on Friday, Trump used his social media platform to say that because Russia was “absolutely ‘pounding’ Ukraine on the battlefield” he was “strongly considering large scale” sanctions and tariffs on Russia until a ceasefire could be reached.
Fishman pondered the issue: “Do I think that Trump will give up the store? I don’t know … I would say I’m not confident that he’s going to get a just peace in Ukraine. But I’m not yet saying, ‘This guy is failing, we’re about to give up everything to Russia in exchange for nothing,’ though I think it’s possible and it’s certainly what the Russians want. It’s very clear they want to cut a deal with Trump that basically couches sanctions relief as a favor to the US, to say, ‘We should have open trade and investment with you. It’s good for America. It was Biden who put on all these restraints. He was just restraining US-Russia relations for no good reason.’
“They want to basically get the US to give up their biggest bargaining chip before full negotiations over Ukraine even start.”
https://www.theguardian.com/books/2025/mar/09/chokepoints-edward-fishman-trump-sanctions