Publish date30 Jul 2014 - 7:29
Story Code : 164978

Obama announces new sanctions against Russia as EU falls in line with US

President Barack Obama says the United States and Europe are running out of patience with Russian President Vladimir Putin, as the US has joined the European Union in slapping new sanctions on Russia’s energy sector, arms industry and financial institutions.
Obama announces new sanctions against Russia as EU falls in line with US


On Tuesday, the European Union unleashed a wave of tough economic sanctions against Russia over its alleged involvement in developments in eastern Ukraine.

Immediately after the European action, Obama said that the US will join the EU and announced a new round of US sanctions that he said would impact “key sectors of the Russian economy,” including “energy, arms and finance.”

“We’re blocking the exports of specific goods and technologies to the Russian energy sector,” he said.

“We’re expanding our sanctions to more Russian banks and defense companies. We’re formally suspending credits and financing for economic development projects in Russia,” he added.

Obama went on to say that the broader economic measures will “have an even bigger bite” on Russia.

He also threatened that the sanctions will “continue to ratchet up the pressure on Russia” and companies supporting Russia over Ukraine.

“Today Russia is once again isolating itself from the international community, setting back decades of genuine progress ... It does not have to be this way. This a choice Russia and President Putin has made,” he stated.

Obama denied the West and Russia are about to start a new Cold War, but warned that the US and Europe are running out of patience with the government of Putin.

Despite pressure from the US, Washington’s allies in Europe have been reluctant to impose sanctions on Russia’s economy, fearing such a move would backfire and harm their economies.

Washington and Moscow have been at loggerheads over the crisis in Ukraine. The United States accuses Russia of supporting and arming pro-Russian forces in eastern Ukraine, a claim which is rejected by the Kremlin.

On Sunday, the US released satellite images which, it claimed, showed Russia firing rockets into eastern Ukraine and dispatching artillery to pro-Russians there.

Meanwhile, the United States claims at least part of the blame for the downing of a Malaysian passenger plane in Ukraine, which left all 298 people onboard dead, lies with Russia.

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