My earliest recollection of economic sanctions was in 1984 … during apartheid years.
The Anglo-American hegemony imposed economic sanctions on a wealthy South Africa.
One effect was to prevent South African Airways from flying over airspace of numerous African countries.
Instead SAA would have to fly west out to the Atlantic Ocean and land on a cockroach infested volcanic rock in the Canary Island’s called Ihla do sal at 2:30 in the morning.
Everybody had to leave the aircraft and spend an hour in a hot terminal building whilst they refueled the B747’s.
This detour became colloquially known as flying Round the Bulge, adding at least 3 to 4 hours to any flight, making London a 13 hour flight instead of 10!
At that time the Rand was trading at R2:$1
It’s now hovering at R15:$1
A 650% depreciation!
Such was the power of the United States and its allies (primarily the UK) that a relatively wealthy country could be brought to its knees and the brink of financial collapse … which in part paved the way, thankfully, for the end of the apartheid system.
We recollect this story because its causes us to marvel at what appears to us to be a slipping of World leadership by those powers.