BY EMMA BURROWS |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. Nonetheless, new companies continually pop up as Russia attempts to rework supply chains. 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.

Source: GNN Liberia June 12, 2024 16:16 UTC