Despite clear expectations that sanctions busters undermine the effectiveness of economic sanctions, most empirical studies of the phenomenon fail to find that they significantly affect sanctions outcomes. One explanation for these puzzling results is that past studies have almost all relied on Hufbauer, Schott, and Elliott's (1990) dichotomous, timeinvariant ''black knight'' variable to operationalize the occurrence of sanctions-busting. This piece develops a more nuanced account of how the timing, quantity, and nature of sanctions-busting trade affects sanctions' outcomes and codes a new set of sanctions-busting variables that capture these distinctions. Two competing accounts of sanctionsbusting are tested in the analysis, one that asserts that only politically motivated sanctions busters (i.e., black knights) negatively affect sanctions' success and one that asserts that commercially and politically motivated sanctions busters jointly undermine their success. These rival accounts are tested using a competing risks analysis of 96 episodes of US-imposed sanctions from 1950 to 2006. The results indicate that while black knights alone do not make sanctions more likely to fail, in conjunction with commercially-motivated sanctions busters they do exercise a potent, negative effect on sanctions' success. These findings have important implications for how third party responses affect sanctions outcomes.Why do economic sanctions so often fail to achieve their objectives? The international cooperation a sender state receives in imposing sanctions against a state and the support a target state receives in resisting them constitute two potentially important explanations. While the comparative effectiveness of bilateral versus multilateral sanctions is one of the central debates within the sanctions literature, much less attention has been paid to how sanctions-busting affects sanctions outcomes-and the findings in that area have been mixed. This is puzzling because spoiler states often figure prominently in qualitative case studies of why economic sanctions failed to work in high-profile cases like the United States' sanctions against Cuba. During the Cold War, the Soviet Union served as Cuba's chief sanctions-busting patron-providing it with billions of dollars worth of subsidies and assistance. Following the Soviet Union's collapse, firms from Canada,