U.S. Imposes Tough Sanctions on Russia

By Katie Lyons

Tue Jul 29th, 2014 1:47pm America/Los_Angeles

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WASHINGTON (AP) – President Barack Obama has announced new economic sanctions against key sectors of the Russian economy in the latest move by the U.S. to force Russian President Vladimir Putin to end his support for Ukrainian rebels.

Obama says the sanctions target Russia’s energy, weapons and finance industries, including big banks.

The U.S. penalties follow other new sanctions that European Union leaders agreed to earlier Tuesday.

The European penalties are similar to sanctions imposed by the U.S. just two weeks ago targeting other big Russian banks, and energy and defense companies.

The U.S. and its European allies blame Russian-supported separatists for destabilizing eastern Ukraine and for this month’s downing of a commercial airplane carrying 298 people as it flew over rebel-controlled territory.

You can watch President Obama’s full speech here:

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