The United States widened its sanctions against Russia on Wednesday, targeting Chinese companies and foreign financial institutions aiding Moscow’s war efforts in Ukraine. This move precedes the G7 summit in Italy, where leaders will prioritize support for Ukraine and efforts to undermine Russia’s military capabilities.
“These actions will ratchet up the risk that foreign financial institutions take by dealing with Russia’s war economy,” said U.S. National Security Adviser Jake Sullivan, speaking to reporters aboard Air Force One en route to Italy.
The latest sanctions package focuses on over 300 new targets, including individuals and companies in countries such as China, the United Arab Emirates, and Turkey. The aim is to deter these entities from helping Russia bypass Western restrictions on acquiring crucial technology.
The announcement came just before President Joe Biden arrived in Italy for the G7 summit, where discussions will center on further aiding Ukraine. One of the critical issues on the agenda is converting frozen Russian assets into financial support for Kyiv.
Sullivan indicated ongoing negotiations in Italy about utilizing the proceeds from Russian sovereign assets. “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,” he noted.
The expanded sanctions and the summit’s focus reflect the continued commitment of the G7 nations to support Ukraine in its conflict with Russia and to apply economic pressure on Moscow to hinder its war efforts.
