U.S. Announces New Sanctions Against Russian Economy
WASHINGTON, D.C. -- New sanctions against Russia as fighting flares up between Russian-supported rebels and the Ukraine army.
President Obama announced the new penalties at the White House today. The US is blocking exports to the Russian energy sector, expanding sanctions to more Russian banks and defense companies, and formally suspending credit that encouraged exports to Russia and financing for economic development projects.
"Today is a reminder that the United States means what it says. We will rally the international community in standing up for the rights and freedom of people around the world," said the President.
President Obama stressed that this is not a new Cold War with Russia. He says Russia has the choice of de-escalation, and the choice to look for a diplomatic solution.