This will hit you like a sledgehammer.
There is nothing to hit, that is my point.
America has two tools:
1) Direct curbs on trade with America (through tariffs and such)
2) Blocking access to the Western financial system (the dollar gives them this power)
Why this is not good for pressuring Russia:
1) Russia and America do not trade with each other.
2) Russia has already been forced to move to trading with its trading partners in Rupees, Yuan, Dirhams, Roubles, and so on.
Any Indian or Chinese bank that used to handle dollar transactions with Russia, has already stopped doing that.
If the Treasury Department, or FBI, or OFAC, or whoever else begins tracking things over which it has no jurisdiction whatsoever, and then sanctioning those entities, this is gonna cause a lot of questions... from every corner of the globe.
People already hate America for using the dollar as a weapon, imagine what will happen if America can suddenly set a chair up in between two people trading in Yuans and Roubles and start reading them lectures?
Trump talks a lot about how Biden mistreated the dollar. If Trump begins going wild with secondary sanctions, that'll do even further damage. I doubt he wants do that.
I watched a speech by the new Sec of State, Marco Rubio, yesterday... and he was talking about how if countries like Brazil and China move their trade into their own currencies, there may soon come a day when the United States will not be able to effectively threaten people with sanctions.

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