The United States has implemented new sanctions against over 300 individuals and firms accused of supporting Russia’s war effort in Ukraine, targeting entities in China, South Africa, the United Arab Emirates, and Turkey.

US Treasury Secretary Janet Yellen stated on Wednesday that the sanctions aim to close Moscow’s remaining paths to acquiring materials and equipment necessary to continue the war.

“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. Every day, Russia continues to mortgage its future to sustain its unjust war of choice against Ukraine,” Yellen remarked in a statement.

In comments reported by Russia’s state-run TASS news agency, Ministry of Foreign Affairs spokeswoman Maria Zakharova noted that Moscow would "not leave such aggressive actions without a response”.

Entities affected by the sanctions include the Moscow Exchange, which operates Russia’s largest public markets for equities and foreign exchange products, UAE-based Red Coast Metals Trading, and Chinese firms Hangzhou Keming Intelligent Technology and Shandong Oree Laser Technology.

Earlier in the week, White House national security spokesman John Kirby told reporters that Washington would address China’s non-market policies causing detrimental global impacts.

Although China has strengthened ties with Russian President Vladimir Putin since the invasion of Ukraine, it has consistently denied supplying weapons to Moscow.

The latest measures will see Washington also expanding its definition of “military-industrial base” to apply secondary sanctions to foreign financial institutions conducting business with any sanctioned entities.

Furthermore, the US Department of Commerce announced that it had blacklisted eight Hong Kong addresses suspected of being used by shell companies to deliver semiconductors to Russia.

The announcement coincided with US President Joe Biden’s arrival in Italy for the annual G7 summit.

The summit, attended by leaders of major economies including the United Kingdom, France, Germany, and Japan, is anticipated to focus on ways to enhance support for Ukraine and facilitate a ceasefire in Gaza.