G7 sanctions to target key industries helping Russia's war: White House

This would be the largest layoff in the industry. Analysts predict that North America would likely be worst affected

The US and other Group of Seven (G7) nations will impose new export controls and a fresh round of sanctions on Russia, a year after President Vladimir Putin invaded Ukraine, the White House said. 

The measures will single out Russia’s defence and energy industries, financial institutions and more than 200 people.The US and its allies are expected to crack down on sanctions evasion and to put additional pressure on third countries to choose between the US and Russia.

Nearly 90 firms in Russia, China and other countries will be placed on the Commerce Department’s entity list for sanctions evasion. Additional curbs will target over 200 individuals and entities in Russia, Europe, Asia, and West Asia. The US will impose a 200 per cent tariff on aluminum and derivatives produced in Russia effective from March 10. 

The US is also sending Ukraine another $2 billion in security assistance, which will include unmanned aerial systems, electronic warfare detection equipment, ammunition for 155mm artillery systems, and High Mobility Artillery Rocket Systems or HIMARS.