Economic sanctions are an integral part of states’ foreign policy repertoire. Increasingly, major powers and international organizations rely on sanctions to address an incredibly diverse array of issues—from fighting corruption to the prevention of nuclear weapons. How policy makers employ economic sanctions evolved over time, especially over the past two decades. The recognition of the adverse humanitarian impact of economic sanctions in the late 1990s and the “War on Terrorism” following the September 11, 2001 terrorist attacks have led to major changes in the design and enforcement patterns of economic sanctions. Academics’ understanding of how these coercive tools work, when they are utilized, what consequences they create, and when they succeed are still heavily shaped by research findings based on observations from the latter half of the 20th century. Insights based on past sanctions episodes may not fully apply to how sanctions policies are being currently used. In the latter half of the 20th century, the majority of sanctions cases were initiated by the United States, targeted governments, and involved restrictions on international trade. In the last two decades, however, additional actors, such as the European Union, the United Nations, and China, have emerged as major senders. Modern sanctions now most commonly involve targeted and financial sanctions and are imposed against individuals, organizations, and firms. The changing nature of the senders, targets, stakeholders, and economic tools associated with sanctions policies have important implications for their enforcement, effectiveness, and consequences. The legal-regulatory and bureaucratic infrastructure needed to implement and enforce modern economic sanctions has also become far more robust. This evolution of modern sanctions has provided the scholarly community with plenty of opportunities to explore new questions about economic coercion and revisit old ones. The research agenda on economic sanctions must evolve to remain relevant in understanding why and how modern sanctions are used and what their consequences are.