Sydney, Australia Correspondent — These tools are powerful because the dollar and the clearing system are central, and overuse teaches targets and neutrals to build alternatives. What happened this year is a genuine escalation. Freezing a major central bank's reserves is a different order of action from sanctioning individuals, and every reserve manager in the … Continue reading Is the increasing use of secondary sanctions and financial exclusion as foreign-policy tools creating long-term risks to the dollar’s reserve status?