[gusfoo]

> For example, accounts with non-US banks have also been partially closed. Transactions in US dollars or via dollar conversions are forbidden to him.

So people don't think this is a new thing; when I worked in retail banking in the (very) early '90s it was made clear to us that any transaction in US dollars is subject to US regulation. The hypothetical scenario was that an Ethiopian arms dealer buys Russian product from a German dealer in Switzerland if they do it in USD it is the purview of the US to prosecute that crime.

My memory is hazy, but I don't think that when I was being taught it that it was a new thing.

[xmcqdpt2]

I worked on anti money laundering for a Canadian bank in Canada. Our scenarios in 2020 were much stricter than stopping illegal arms trading. We were on the lookout for Iranian-Canadian dual citizens sending Canadian dollar remittances to their Iranian families, which would have invalidated the bank’s status as a money service business in the US (which all Canadian banks require due to our integrated economy!) That is, any transaction in any financial institution in any currency (including eg life insurance, mortgages, paypal, etc) is covered by American sanctions regulations if that financial institution does any business in US dollars.