This is imperialist totalitarianism: introducing a new law to ensure that "China, Russia, and Iran are held accountable as they attempt to bypass our laws".
When did the world agree that everyone everywhere had to abide by US law?
This is the US unilaterally extending its legal and regulatory power to the entire world, without the consent of other nations and their citizens, for the purpose of shutting down "alternate financial systems" that operate outside of US control or oversight and ultimately for impoverishing the population of countries who don't agree to vassalize themselves.
In one word, totalitarianism:
- suppress alternatives to their rule
- make decisions without regard for consent
- seek to punish dissenters
- trying to exert total control over the lives of entire peoples (specifically making them miserable if they live in a dissenting country)
- global enforcement of a unique ideology, that of "America first"...