Israel is grappling with how to deal with dozens of Jewish Russian oligarchs as Western nations step up sanctions on businesspeople with ties to Russian President Vladimir Putin.

A worried Israeli government has formed a high-level committee to see how the country can maintain its status as a haven for any Jew without running afoul of the biting sanctions targeting Putin's inner circle.

The United States announced a ban on exports of American luxury goods to Russia and Belarus Friday, including jewelry, clothing, and vehicles, as Washington increased its pressure on Moscow over the invasion of Ukraine.

Washington and its allies moved Friday to end normal trade relations with Russia, as President Joe Biden vowed the West would make Vladimir Putin "pay the price" for his invasion of Ukraine.

The government has asked Economy Minister Amin Salam to intensify his foreign contacts to secure essential food stocks in order to enable the country to face the food security crisis resulting from the war in Ukraine, media reports said on Friday.

Prime Minister Najib Miqati has promised to help Salam in his endeavor to obtain wheat and cooking oil donations, especially from the United States, after other countries refrained from offering any promises in this regard due to their local markets’ need for these resources, ad-Diyar newspaper reported.

A $13.6 billion emergency package of military and humanitarian aid for besieged Ukraine and its European allies easily won final congressional approval, hitching a ride on a government-wide spending bill that's five months late but loaded with political prizes for both parties.

With Russian President Vladimir Putin's invasion killing thousands and forcing over 2 million others to flee, the Senate approved the $1.5 trillion overall legislation by a 68-31 bipartisan margin late Thursday. Democrats and Republicans have battled this election year over rising inflation, energy policy and lingering pandemic restrictions, but they've rallied behind sending aid to Ukraine, whose stubborn resilience against brutal force has been inspirational for many voters.

President Joe Biden will announce Friday that, along with the European Union and the Group of Seven countries, the U.S. will move to revoke "most favored nation" trade status for Russia over its invasion of Ukraine.

That's according to a source familiar with the matter who spoke on the condition of anonymity to preview the announcement. The person said each country would have to follow its own national processes. Stripping most favored nation status from Russia would allow the U.S. and allies to impose tariffs on Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion.

Mount Lebanon Prosecutor Judge Ghada Aoun on Thursday issued travel bans against the chairmen of five Lebanese banks in connection with a financial corruption complaint, the state-run National News Agency said.

NNA identified the five chairmen as Salim Sfeir of Bank of Beirut, Samir Hanna of Bank Audi, Antoine Sehnaoui of SGBL, Saad al-Azhari of BLOM Bank and Rayya al-Hassan of BankMed.

The European Central Bank said Thursday that it will speed up ending its economic stimulus programs to combat record inflation, even as concerns mount about the impact of Russia's war in Ukraine on economic growth.

The bank said it will end its bond purchases in the third quarter but could modify that schedule if the inflation outlook changes. Previously, it said it would taper them off to 20 billion euros per month by the last three months of the year and continue them as long as needed.

China is easing government exchange rate controls to let the Russian ruble fall faster in value against the Chinese yuan to help insulate Beijing from economic sanctions on Moscow.

The margin by which the ruble is allowed to fluctuate against the yuan in state-controlled daily trading will be doubled in size to 10% above or below the day's opening price starting Friday, the China Foreign Exchange Trade System announced.

Western sanctions are dealing a severe blow to Russia's economy. The ruble is plunging, foreign businesses are fleeing and sharply higher prices are in the offing. Familiar products may disappear from stores, and middle-class achievements like foreign vacations are in doubt.

Beyond the short-term pain, Russia's economy will likely see a deepening of the stagnation that started to set in long before the invasion of Ukraine.