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, APA reports citing Associated Press.
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.
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.
“We have to be very honest with ourselves that Putin is a very capable adversary who is willing to adapt and find those willing collaborators,” Aaron Forsberg, the State Department’s Director for Economic Sanctions Policy and Implementation, told The Associated Press.
Sanctions against Russia, he said, are therefore a “dynamic affair.”
While sanctions have not stopped the flow of illicit goods, the aim is to make it harder for Russia to source crucial technology as well as driving up the mark-up on the goods. Wednesday’s package targets more than $100 million in trade between Russia and suppliers for its war.
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