Yes, effective in speeding up decoupling of the EU banking system from the US and quickly reducing the use of the systems of Mastercard and Visa. Last year's sanctions on ICC individuals already had a large effect. For instance, the fear of further dependence on US companies has already caused blocking of the sale of the Dutch company Solvinity (who maintain the Dutch digital ID systems) to Kyndryl and has put some countries on the path of moving off Office 365, Exchange and even Windows.

It's just insane stupidity by the US administration. It's very unlikely that an US official would ever be arrested for the ICC, allies wouldn't go there. So, it's just putting Europe on a path to purchase less and less from US service/software companies to protect Benny, who could simply avoid being arrested by not going to a country that joined the ICC.