US widens sanctions on Russia to discourage countries such as China from doing business with Moscow
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.
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.
It also targeted Russia’s financial infrastructure, in an attempt to limit the amount of money flowing in and out of Russia. Shortly after the sanctions were made public, the Moscow Exchange announced it would suspend transactions in dollars and euros.
The U.S. has sanctioned more than 4,000 Russian businesses and individuals since the war began, in an effort to choke off the flow of money and armaments to Moscow, whose superior firepower has given it an advantage on the battlefield in recent months. Nonetheless, new companies continually pop up as Russia attempts to rework supply chains.