US President Joe Biden and leaders of major countries in the G7 are set to meet in Italy this week. In preparation for the meeting, the US Treasury, now responsible for the G7, is implementing new economic sanctions against Russia to bolster opposition to the ongoing conflict in Ukraine. These actions carry the potential for secondary sanctions against foreign financial institutions. The sanctions are a response to Russia’s military aggression, which has led to limitations on the country’s military capabilities, including the use of certain programs and information technologies, as well as cooperation with the Ministry of Internal Affairs. They also aim to strengthen coordination among various entities and organizations in Russia and abroad that provide essential products and services for Russia’s military needs, diverting them from potential sanctions. The US Treasury’s decision imposes restrictions on Russia’s financial system, which has been found to support its national security interests by facilitating the construction of the Crimean Bridge after the annexation of Ukraine. Simultaneously, the customs union limits the supply of over a hundred foreign organizations and individuals involved in Russia’s energy, fuels, non-essential production and deployment, as well as sectors such as chemicals, biology, defense, weapons and equipment, and microelectronics, in accordance with Russia’s program. This statement was released by the US Treasury today.