US President Barack Obama announced a new round of sanctions that target some of Russia’s most-important financial, energy and defense industries, because of Russia's involvement in the Ukraine Crisis.  These sanctions go even further than those agreed to by the European Union that block new development loans to Russia and threaten to target more Russian individuals.

The sanctions announced by Mr. Obama will restrict Russian corporate giants from access to American capital markets.  These include the Rosneft Oil Company and Gazprombank – both state-owned and run by close allies of President Vladimir Putin.  The punitive measures cover several state-owned companies and private sector banks and energy producers.  They go significantly further than the financial and travel limits imposed previously on several dozen individuals and their businesses.

The US believes Russia is arming and assisting pro-Moscow separatists in eastern Ukraine, and even sending in advisors to fight alongside the insurgents. 

“What we are expecting is that the Russian leadership will see, once again, that its actions in Ukraine have consequences, including a weakening Russian economy and increasing diplomatic isolation,” Obama told reporters.

Earlier in Brussels, EU leaders agreed to beef up their own sanctions against Russian companies and individuals, and suspending new investments in Russia by the EU's European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).