Obama: 'Cost on Russia will continue to grow'

In an appearance at the White House Tuesday afternoon, President Obama made several statements regarding the situation in Ukraine and is expected to announce new economic sanctions against Russia.
 
The economic sanctions come after penalties were announced earlier by European allies.

The European Union agreed to a tougher set of economic sanctions on Russia, officials announced Tuesday, as the EU and the United States continue their diplomatic battle with Russian President Vladimir Putin.

The EU sanctions will limit access to EU capital markets for Russian State-owned financial institutions, and impose an embargo on trade in arms, according to a statement from the EU.

New EU penalties will 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, according to the EU.

Since the beginning of the crisis in Ukraine, the US has worked to back the country and the ability to make its own decisions.

"If Russia continues on its current path, the cost on Russia will continue to grow," Obama stated.

Today, building on the sanctions announced last week, Obama announced new sanctions in key sectors of the Russian economy: energy, arms and finance.
 
He emphasized support of the EU sanctions.
 
Russia's actions in Ukraine and our sanctions already imposed have made Russia weaker already, according to Obama. 
 
Major sanctions announced today are expected to ratchet up pressure against Russia.
 
Obama indicated he will continue to pursue a diplomatic solution, but it is important for Russia to understand that the path for a peaceful resolution is  to recognize Ukraine as an independent entity.

Click here to listen to President Obama give his speech. 

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