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Good, or good afternoon, rather and welcome to this event on u. S. Sanctions and deterrence. Im elizabeth, and i direct the Economics Program here at the center for new american security. It is a pleasure to have you all here with us, todays session is an opportunity to speak about the deterrents and signaling effects of financial sanctions. And as many of you know well, u. S. Sanctions are an economic tool, which in general terms shut off access to the u. S. Financial system, to those named people or entities that pose a threat to u. S. National security. And the use of sanctions has been central to the exercise of u. S. Foreign policy and National Security over the last decade. And in fact, i would say as a favorite policy tool in this administration in particular. The topic of this is a report by jordan to my left which i cowrote and were releasing today, those of us who are seeing nus person will see that as you came in. And take a copy. The report includes findings that came out o

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