The U.S. Department of State has announced sanctions against the Russian company Goznak, citing its involvement in counterfeiting Libyan currency.

According to the statement, Goznak printed over $1 billion of counterfeit Libyan currency, exacerbating Libya's economic challenges.

Goznak, a state-owned Russian enterprise, is responsible for producing currency, banknotes, and security products, including passports.

The sanctions come as G7 leaders meet in Italy and are part of broader U.S. efforts to diminish Russia's capacity to continue its war against Ukraine. The measures include sanctions on more than 300 entities supporting Russia's international activities.