This chapter explores the extraterritorial application of the U.S. sanctions: namely, the ability of those sanctions regulations to reach non-U.S. actors or activities taking place outside of the United States. The chapter examines a recent trend towards increasing extraterritorial enforcement by the U.S. sanctions authority. In particular, the chapter discusses the objections of China to such extraterritorial application of U.S. sanctions laws. Of particular focus are Russia’s and China’s attempts to de-dollarize and resort to alternative financial networks to lessen the impact of these sanctions.