The U.S. to Impose New Sanctions on Russia at the G7 Summit

The White House announced on Tuesday that the United States will impose new sanctions and export restrictions against Russia during the G7 summit taking place this week in Italy. The U.S. and leaders of the world's largest economies have already imposed heavy sanctions on Russia due to its military aggression against Ukraine, but John Kirby, spokesperson for the National Security Council, stated that Washington will impose more powerful sanctions targeting entities and networks that assist Russia in continuing its military aggression against Ukraine. Mr. Kirby said, 'We continue to work to increase the cost of Russia's military actions.' Previously, Reuters reported that the upcoming summit of the leaders of the seven industrialized nations will focus on China-Russia relations. According to an American official, the outcome of the G7 meeting is likely to result in the issuance of a 'public' statement regarding Chinese banks associated with Russia. The report adds that large Chinese banks are avoiding interactions with Russia, but smaller banks remain tools for financial interactions. Meanwhile, China is focusing on using its national currency, the yuan, instead of the U.S. dollar in trade with Russia to avoid Western sanctions and restrictions, and is also utilizing cryptocurrencies. The U.S. had previously blacklisted China's Kunlun Bank for violating sanctions against Iran, but Reuters writes that Washington does not want to risk the global financial system by imposing sanctions on large Chinese banks.