US announces sanctions against Russia, will target oil and energy sectors

The United States have unveiled a new round of punitive sanctions against Russia over Crimea.

16:14 21 March 2014

The United States has announced new rounds of sanctions against Russia over Crimea. After targeting President Vladimir Putin’s close associates including his chief of staff and his personal banker, President Obama said that the US will close in on the country’s key oil and energy sectors if it goes any further into Ukraine. 

“This is not our preferred outcome,” Mr Obama said in a brief statement. “These sanctions would not only have a significant impact on the Russian economy, but could also be disruptive to the global economy. However, Russia must know that further escalation will only isolate it further from the international community.”

Mr Obama said that the new measure was meant to demonstrate he was serious when he said at the start of the crisis that costs would be imposed on Russia for its action.

The announcement was made as talks among EU officials in Brussels were expected to go well into the night. It is expected that an additional dozen Russian names will be added to the 21 Ukrainian and Russian officials under travel bans and asset freezes by EU foreign ministers on Monday.