TEMPO.CO, Washington – U.S. President Barack Obama said on Tuesday Washington has imposed new sanctions on Russia’s energy, arms and financial sectors over the Ukraine crisis.
The U.S. expanded its sanctions to Russian banks and defense companies, and blocked exports of specific goods and technology for Russia’s energy sector, according to Xinhua.
“Today is a reminder that the United States means what it says and we will rally the international community in standing up for the rights and freedom of people around the world," Obama said.
"If Russia continues on this current path, the costs on Russia will continue to grow," Obama said.
The U.S. Treasury Department said in a statement that the U.S. imposed sanctions against state-owned Russian banks, which are Bank of Moscow, Russian Agricultural Bank and VT Bank AOO. The move prohibits US individuals from providing new financing to the three financial institutions and their access to US market share.
"The major sanctions we're announcing today will continue to ratchet up the pressure on Russia, including the cronies and companies that are supporting Russia's illegal actions in Ukraine, " Obama said, adding that the existing sanctions had made a weak Russian economy even weaker.
The legal action was taken after the Europan Union previously announced that it had agreed on a package of “significant” additional restrictive measures targeting sectorial cooperation and exchanges with Russia.
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