The United States announced on Wednesday that it is imposing sanctions on over 300 individuals and entities linked to Russia’s war on Ukraine. These include financial institutions, the Moscow Stock Exchange, and certain Chinese companies.

This announcement precedes US President Joe Biden’s participation in a Group of Seven (G7) summit in Bari, Italy, where the war in Ukraine is expected to be a key topic.

The comprehensive sanctions target trade, finance, and industry sectors.

US Secretary of State Antony Blinken stated that the sanctions impact “multiple sectors essential to Russia’s war effort,” including energy, metals, and mining.

China has been specifically highlighted for its support of Russia.

“The United States remains concerned by the scale and breadth of exports from the People’s Republic of China that supply Russia’s military-industrial base,” Blinken’s statement read.

As a result, the US is sanctioning Chinese companies that provide dual-use goods, which “fill critical gaps in Russia’s defense production cycle,” he added.

Sanctions also extend beyond China. Individuals and organizations in countries across Asia, the Middle East, Europe, Africa, and the Caribbean are facing new restrictive measures.

Treasury Secretary Janet Yellen emphasized Russia’s increasing isolation from the international financial system, which is leaving the Kremlin’s military desperate for external resources.

She noted that the sanctions target essential supplies that Russia sources from other countries.

Several Russian banks had their foreign branches blacklisted, complicating their financial transactions. The sanctions also affected parts of Russia’s financial infrastructure, including the Moscow Stock Exchange and its subsidiaries, as well as insurance and reinsurance providers.

The Treasury Department aims to disrupt military supply chains by sanctioning numerous individuals and entities in various countries beyond Russia and China. Some of the new targets are intended to close sanction loopholes or target evaders.

Sanctioned individuals and firms are located in Belarus, the British Virgin Islands, Bulgaria, Kazakhstan, Kyrgyzstan, Serbia, South Africa, Turkey, and the United Arab Emirates.