Abstract: Amidst unprecedented global changes, major power competitions increasingly involve non-traditional financial-economic domains, with financial sanctions emerging as a pivotal tool for Western influence on other nations. This study systematically analyzes existing literature on the impact of financial sanctions on the economies of target countries. By examining 142 global financial sanction events from 2000 to 2021, it delves deeply into the effects and pathways of financial sanctions on the economies and financial institutions of target countries, while proposing effective strategies for these nations to counter financial sanctions.