global role of the US dollar, and that Europe’s exposure to US secondary sanctions is a major foreign policy challenge for which there is no easy solution. It says that, although Europe and the US continue to closely co-ordinate their sanctions policies in other situations, disagreements between them – such as on the JCPOA – have led to not only a sharp divergence in their approaches to sanctions but also a clash between their respective foreign policies. This is seen as particularly important in the “weaponization” of US sanctions. The report looks at the likely development of secondary sanctions and European vulnerability.
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