• On the one-year anniversary of Russia's invasion of Ukraine, Western allies hit Russia with new sanctions.
• The US said Friday that, alongside G-7 partners, it will sanction more than 200 individuals and entities supporting Moscow's war efforts.
• The US is also raising tariffs on Russian metals, minerals and chemical products.

The US and Western allies announced new sanctions against Russia on Friday, which marked the one-year anniversary of Moscow's invasion of Ukraine.

Alongside Group of Seven nations, the US will sanction more than 200 individuals and entities in Russia and other nations that are supporting Moscow's war initiatives.

Those include Russian financial institutions that the US said have ties to defense and technology as well as companies that have engaged in sanctions-evasion tactics. 

Additionally, the US is restricting key components used in Iranian drones, which Russian forces have been using in Ukraine. The Biden administration is also raising tariffs on Russian metals, minerals and chemical products.

Meanwhile, European Union leaders will convene Friday to discuss further restrictions aimed at curtailing $11 billion in Russian imports for items used on and off the battlefield. 

Russia's Foreign Ministry said on Telegram: "The unprecedented rampant Russophobia in the countries of the 'collective West' is not weakening, it has already reached unprecedented proportions."

Friday's new measures against Vladimir Putin's regime follow multiple rounds of sanctions that have included oil embargoes, energy price caps, bans from financial institutions, and freezes on currency reserves.

While Russia has been shut out from doing business with much of the world, the Kremlin stayed afloat financially via ongoing oil sales to Asia and high crude prices during much of 2022. But deficits have piled up recently as energy revenues shrink. 

The International Monetary Fund forecasted Russia's economy to grow 0.3% this year, after a 2.2% contraction last year.