In the 21st century, economic sanctions have become a widely used tool to control geopolitics,with the United States being the largest user of sanctions globally, followed by the EuropeanUnion. Yet, mounting evidence shows that these measures often fall short of achieving theirintended diplomatic outcomes. While sanctions are meant to pressure governments by targetingtheir economies, the actual impact tends to be slow, complex, and frequently ineffective.

In The Great Sanctions Hack, Urjit Patel, former Governor of the Reserve Bank of India, whonow serves as Chairman of the National Institute of Public Finance and Policy, evaluates whythe concept of sanctions needs a major overhaul. Their broader effects on global markets andunintended consequences for third parties must be considered. Economic damage unfoldsgradually, not instantly, and should be tracked in more detailed stages. Moreover, the real cost toindividuals, businesses, and global stability needs clearer and more transparent measurement.

Concerns are also rising about the role of international institutions that often fail to fairlyassess the consequences of sanctions. This raises questions about their effectiveness in guidinginternational economic policy.

As global uncertainty grows, a more thoughtful, data-driven, and transparent approach tosanctions is urgently needed.

Publisher: Rupa Publications India

Author: Urjit Patel

Pages: 160

ISBN: 9789370032613

Publication Date: 10 October 2025