To understand the power of American sanctions against Iran, one must look beyond Iran itself.

Washington does not only possess considerable military power. The United States also has a much more discreet lever: the role of the dollar in the global economy. A large part of international trade and financial transactions still passes, directly or indirectly, through the American system. This gives Washington a particular capability: to sanction Iran, but also to threaten those who continue to trade with it. This is the principle of secondary sanctions.

The message sent to a foreign bank or company is simple: you can continue to work with Iran, but you then risk losing access to the American market, to American banks, or to the dollar.

This is where what one might call “Washington’s vise” closes.

The........

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