I’ve read that at least in the case of some EU banks, not following the foreign sanctions is quite literally not an option for them.
If you don’t follow sanctions, other banks either with branches doing business in the U.S., or their partner banks, will refuse to continue banking with you out of fear for not following sanctions – which include banks enabling sanction-circumvention. Essentially, even if the bank doesn’t want to deal with USD (which most banks would still like to do!), you’re still bound by the sanctions. A bank won’t survive long or well if it’s cut off from a majority of other banks.
This is just a case of carrot vs stick. European countries need to threaten their companies with an even bigger stick if they follow foreign sanctions.
China does this via laws that say, if you do not provide services to Chinese citizens/entities citing foreign sanctions, they can send you to a gulag forever. Seems to be fairly effective, considering how heavily sanctioned Huawei is.
Which is why it would need to be a law. The only option would be for the US to take the insane move of cutting off every bank in Europe. If they did actually do that, while it would be painful in the short term, it would be incredibly beneficial for Europe in the long term.
After the last 2 years you _still_ haven't learnt that _everything_ like this is completely negotiable and can change tomorrow? That it's all might makes right? God, you must've been one of those people who in 2014 claimed it was unthinkable that a country would leave the EU, or took Trump's threats as fact even after his 20th TACO turn.
All these hard "immediate consequences" scenarios are pure fiction. Not because they can't become truth, they can. But there's a hundred other possibilities. Literally sticking to the "letter of the law" is just one of them, and not a particularly likely one.
All I want in life is to see these companies seized by the government, their assets destroyed (preferably using one of those big car crusher thingies), and their executives and boards of directors imprisoned in labor camps in the Alaskan wilderness.
Are you living in the same world the rest of us are? The only place that data would go is right into some government body like NSA or CIA or whatever your country's equivalent is.
Bro Alaska has big mountains and wide tundras and is going to be too meditative, I vote for Georgia swamps with its mud and mosquitoes and gators and all
Monzo (a major UK bank) use AWS and GCP. Hopefully their DCs don't fail in some way when losing access to the outside world but I would hazard a guess something goes wrong.
ok mr CIA