Good afternoon and welcome to this event on u. S. Sanctions and deterrence. It is a pleasure to have you here with us. Todays session is an opportunity to think about the deterrence 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 entities that pose a threat to u. S. National security. The use of sanctions has become central to the exercise of u. S. The and National Security over the last decade. And is the favored policy tool of this administration. The topic for todays session is also the topic of a report that jordan and i cowrote and are releasing today. Here will have seen it as you came in. We haveincludes convening the session with the intention of achieving a better understanding of how the administration and congress you sanctions for signaling and deterrence and offer views and recommendations for how to improve the signaling and deterrence va