Russia will respond to an "aggressive" raft of new sanctions announced by the United States, Moscow's foreign ministry said.
The United States today dramatically broadened sanctions on Russia, including by targeting China-based companies selling semiconductors to Moscow, as part of its effort to undercut the Russian military machine waging war on Ukraine.
Among the steps, the US Treasury said it was raising "the risk of secondary sanctions for foreign financial institutions that deal with Russia's war economy," effectively threatening them with losing access to the US financial system.
It also said it was moving to restrict the Russian military industrial base's ability to exploit certain US software and IT services and, with the State Department, targeting more than 300 individuals and entities in Russia and beyond, including in Asia, Europe and Africa.
"As always in such cases, Russia will not leave such aggressive actions unanswered," foreign ministry spokeswoman Maria Zakharova was quoted as saying by the state-run TASS news agency.
Separately, the Commerce Department said it was targeting shell companies in Hong Kong for diverting semiconductors to Russia, taking steps that would affect nearly $100 million of high-priority items for Moscow including such chips.
"Today's actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries," Treasury Secretary Janet Yellen said in a statement.
"We are increasing the risk for financial institutions dealing with Russia’s war economy and eliminating paths for evasion, and diminishing Russia's ability to benefit from access to foreign technology, equipment, software, and IT services," she said. "Every day, Russia continues to mortgage its future to sustain its unjust war of choice against Ukraine."
US to sign security agreement with Ukraine
US President Joe Biden will sign a new security agreement with Ukraine tomorrow to pledge America's long-term support to the country, during his trip to Italy to meet with the Group of Seven leaders, a top US official said.
Mr Biden departed for Italy today to increase pressure on Russia over its war against Ukraine and on China for its support of Moscow and excess industrial capacity.
The agreement will make clear "our support will last long into the future... particularly in the defence and security space," White House national security adviser Jake Sullivan told reporters aboard Air Force One.
"By signing this we'll also be sending Russia a signal of our resolve. If Vladimir Putin thinks he can outlast the coalition supporting Ukraine, he's wrong," Mr Sullivan said.
Fifteen countries have signed the security agreement, which will strengthen Ukraine's "defensive deterrence capability", he added.
The White House had said earlier Biden will meet again with Ukrainian President Volodymyr Zelensky at the summit, followed by a joint press conference.
The G7 leaders arrive at the summit confronting myriad woes at home even as they seek solutions for many of the world's most pressing problems.
The heads of the world's most developed democracies will address multiple challenges during the meeting, including wars in Ukraine and the Middle East, trade imbalances with China, threats posed by artificial intelligence and development challenges in Africa.
Russian missile strike kills eight
A Russian missile attack on Ukraine's southern city of Kryvyi Rih killed eight people and injured 21 others, President Volodymyr Zelensky said.
"Every day and every hour, Russian terror proves that Ukraine, together with its partners, should strengthen air defences," he said on the Telegram messaging app.
Video shared by Mr Zelensky showed firefighters battling blazes and rescuers heaving a block of concrete in the ruins.
One man was shown being carried out of the rubble on a stretcher.
An administrative building and an apartment block were damaged, Ukraine's southern military command said.
