The United States and its allies from the G7 group are expected to announce new sanctions on Russia at the ongoing summit in Japan.
The G7, which consists of the US, Britain, Japan, France, Germany, Canada and Italy, will further tighten existing measures against Russia following its invasion of Ukraine.
It will be followed by the announcement of a ban on billions of dollars worth of diamond and metal imports from Moscow, including lead, aluminum and nickel by the UK.
Not only that, but the UK will also block another 86 individuals and companies involved in Russian President Vladimir Putin's military-industrial complex.
Separately, America also plans to impose a new package of sanctions such as blacklisting 70 companies from Moscow and other countries that export US goods.
In addition to that, 300 sanctions against individuals, entities, ships and aircraft will also be announced by President Joe Biden.
The US has so far frozen Russian Central Bank funds, blocked bank access to SWIFT (the dominant system for global financial transactions) and blocked thousands of Russian firms, government officials and their families.
Collectively, the G7 nations imposed a $60-a-barrel price cap on Russian oil and diesel last year.
