Bargaining Chip?

For the global hegemon, pulling the trigger on crisis management seems to consist primarily of posting PDFs to government websites. During the March 2020 financial panic, as the coronavirus first spread throughout the Global North, the Federal Reserve feverishly published term sheets for lending facilities meant to generate dollar liquidity, and the gears of the financial system moved in response. Since February 22 of this year, when Russian troops invaded Ukraine, the Office of Foreign Assets Control (OFAC)—the Treasury Department section in charge of sanctions—has published announcements meant to drain liquidity from the Russian economy.