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EU, US Impose New Sanctions on Russia over Ukraine

EU, US Impose New Sanctions on Russia over Ukraine
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Both the European Union and the United States announced a new round of sanctions against Moscow on Tuesday, accusing the Kremlin of supporting anti-Kiev militias in eastern Ukraine and threatening to cripple the Russian economy.

EU, US Impose New Sanctions on Russia over UkraineThe 28-member nations tied to the EU were first to acknowledge in a statement Tuesday that they've agreed to impose broader sanctions to "limit access to EU capital markets for

Russian State-owned financial institutions, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users and curtail Russian access to sensitive technologies particularly in the field of the oil sector."

So-called "sectorial" sanctions imposed by the EU became the most serious step against Russia, the member states have agreed. European leaders have been increasing pressure on the Russian government for several months by extending visa bans and asset freezes for a number of individuals that the EU considers responsible for Moscow's policy toward Ukraine or close to the ones who are. However, many European countries were reluctant to target entire sectors of the Russian economy, understanding that it could hurt the EU since Russia is among the Union's major trade partners.

Hours after the announcement of the European sanctions, US President Barack Obama said during an afternoon address outside of the White House that the Treasury Department was adding four names to the list of Russian Federation-affiliated entities sanctioned by Washington, including the Bank of Moscow, the Russian Agricultural Bank and VTB Bank OAO, as well as the state-owned United Shipbuilding Corporation.

Additionally, Pres. Obama said that the US would also be "blocking the exports of specific goods and technologies to the Russian energy sector," "expanding sanctions to more banks" and "suspending credit that encourages exports to Russia."

"Because were closely coordinating our actions with Europe, the sanctions we are announcing today will have an even bigger bite," Obama warned.

The US has previously imposed a number of sanctions against Russia.

"I assure you, we will overcome any difficulties that may arise in certain areas of the economy, and maybe we will become more independent and more confident in our own strength," Russian Foreign Minister Sergei Lavrov said earlier this week on Monday. "We can't ignore it. But to fall into hysterics and respond to a blow with a blow is not worthy of a major country."

Source: News Agencies, Edited by website team

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