Republicans in the House have prepared a dozen bills to slap new sanctions on Iran following its unprecedented attack on Israel.

House Republicans want penalties leveraged against Iran for its attack. On Saturday, Iran’s Islamic Revolutionary Guard Corps (IRGC) and a number of Iranian proxy groups fired over 300 drones, ballistic missiles, and cruise missiles at Israel, the first time Iran has launched a direct attack on the Jewish state from Iranian soil.

Russia is being abandoned by its key allies amid tightening U.S. sanctions imposed in response to the war in Ukraine.

Recent moves by a number of Russian President Vladimir Putin's longtime allies, including China, Turkey, the United Arab Emirates, and India, suggest they are becoming more cautious of U.S. secondary sanctions.

The U.S. Department of Treasury announced new sanctions Thursday against two illegal outposts in the occupied West Bank that were used as a base for attacks by extremist Israeli settlers against Palestinian civilians, three U.S. officials told Axios.

Why it matters: It is the first time U.S. sanctions are being imposed against entire outposts and not just against individuals.

European and U.S. buyers will compete aggressively for Middle Eastern aluminium if the European Union bans Russian metal in coming months, sparking price rises reminiscent of 2018 when sanctions were imposed on Rusal.

A race for aluminium from Middle Eastern countries, including the United Arab Emirates and Bahrain, will fuel inflation for Western companies in the transport, packaging and construction industries - already facing high raw material and payroll costs.

U.S. President Joe Biden on Friday announced a significant sanctions escalation against Russia, targeting its financial system and military infrastructure with over 500 new penalties, marking the largest tranche of sanctions since Moscow's invasion of Ukraine nearly two years ago.

The measure was announced ahead of the invasion’s anniversary on Saturday and followed the death of Russian opposition leader Alexey Navalny in a penal colony in the Arctic earlier this month.

The U.S. will announce a major package of sanctions against Russia on Friday over the death of opposition leader Alexei Navalny and the two-year Ukraine war, President Joe Biden said on Tuesday.

Biden, speaking to reporters as he departed on a trip to California, did not give details.

The latest sanctions on Russia will target a range of items, including the country's defense and industrial bases, along with sources of revenue for the economy, White House national security adviser Jake Sullivan said.

 China announced sanctions Sunday on five American defense-related companies in response to U.S. arms sales to Taiwan and U.S sanctions on Chinese companies and individuals.

The sanctions will freeze any property the companies have in China and prohibit organizations and individuals in China from doing business with them, the Foreign Ministry said in a statement posted online.