World

G7 Nations Pile More Sanctions On Russia's Faltering Economy

The Western world accuses Russia of backing a succession rebellion in eastern Ukraine, where militants have taken control of several cities.

G7 Nations Pile More Sanctions On Russia's Faltering Economy
The White House / Pete Souza
SMS

G7 leaders are letting loose another round of economic sanctions against Russia.

The G7 nations, which had included Russia until a few weeks ago, haven't provided a list of specific punishments for Russia, though the U.S. says it could release details Monday. Aboard Air Force One for a trip from South Korea to Malaysia, President Barack Obama spoke with European leaders about the sanctions by phone. (Via The White House)

The Western world accuses Russia of staging a succession movement in eastern Ukraine. The BBC reports pro-Russian militants are holding captive eight European military observers and some members of Ukraine's army.

This is in the city of Slovyansk, near Ukraine's border with Russia. The Europe-friendly government in Kiev has installed checkpoints leading into the city to cut off the rebels operating there. (Via Google)

This is the same Ukrainian city where pro-Russian separatists captured Vice reporter Simon Ostrovsky earlier this week. He was finally released unharmed on Thursday.

Russia's economy has already begun buckling under global sanctions. On Friday, Standard & Poor's downgraded its credit rating to BBB-, one step above a so-called "junk rating." Consumer price inflation in Russia also rose 7 percent just in the last week.