Sanctions are a risk free weapon used by dominant countries to take control over other states. Us led sanctions and UN's are of the few which lay a very lethal blow over the target, but there are examples where sanctions been posited unethically and illegally. Making false claims and only seeking for personal interests and filling up own pockets have surged tragedy and instability over parts of the region or countries.
But, As for world politics, there should be bipolar hegemony and putting just all the controlling button over a single country would bring forth economic exploitation and so far we havent seen yet in a large level, but there are chances of happening such things.