The United States widened its sanctions against Russia Wednesday as G7 leaders prepared to gather in Italy for a summit where the top priorities will be boosting support for Ukraine and grinding down Russia’s war machine.
“These actions will ratchet up the risk that foreign financial institutions take by dealing with Russia’s war economy,” U.S. National Security Adviser Jake Sullivan told reporters on Air Force One, en-route to Italy.
Wednesday’s package targeted Chinese companies which help Russia pursue its war in Ukraine and raised the stakes for foreign financial institutions which work with sanctioned Russian entities.
More than 300 new sanctions are largely aimed at deterring individuals and companies in countries including China, the United Arab Emirates and Turkey from helping Moscow circumvent Western blocks on obtaining key technology.
The announcement came shortly before President Joe Biden arrived in Italy where he and other G7 leaders are urgently looking at aiding Ukraine, including turning frozen Russian assets into billions of dollars of support for Kyiv.
Discussions continue on the ground in Italy on unlocking the proceeds of the Russian sovereign assets, Sullivan said. “I believe that we are making good progress in generating an outcome in which, those proceeds from those frozen assets could be put to good use.”