President Barack Obama escalated US economic sanctions against Russia on
Tuesday for its aggression against Ukraine but dismissed suggestions the
growing chill in US-Russian relations marked the start of a new Cold War.
The United States and the European Union, in a carefully coordinated action,
announced targeted new sanctions against Russian banks, energy and defense
firms.It was the West's most serious response yet to what it calls Russian
instigation of and continuing support for the separatist uprising in the
east and the shootdown of a Malaysian passenger jet on July 17 over eastern
Ukraine.
Mr Obama, speaking at the White House, said the sanctions would have a
"greater impact on the Russian economy than we've seen so far" in a drive to
force Moscow to stop backing the separatists.
Until now, Europe had stopped short of tougher steps against Russia for fear
of retaliation. Mr Obama said the new sanctions were a sign of "the waning
patience Europe has with nice words from President [Vladimir] Putin that are
not matched by actions."
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Labels: World News
