U.S. Imposes More Sanctions On Russia

President Obama announced he's imposing new sanctions on top Russian officials and a bank. Russia also imposed sanctions of its own.

U.S. Imposes More Sanctions On Russia
The White House

U.S. President Barack Obama announced new sanctions against Russian officials and a bank Thursday in response to Russia's decision to annex Crimea from Ukraine.

The new sanctions build on previous sanctions targeting influential Russian officials in an effort to put pressure on the country's economy. President Obama also warned of more severe sanctions to come, impacting "key sectors" of the Russian economy if the crisis escalates. (Via RT)

OBAMA: "This is not our preferred outcome. These sanctions would not only have a significant impact on the Russian economy, but could also be disruptive to the global economy." (Via C-SPAN)

Europe and the U.S. promised to impose sanctions after what they deemed an illegal referendum Sunday resulted in Russia's decision to annex Crimea from Ukraine.

​Russian President Vladimir Putin had ignored threats of sanctions by the U.S. and E.U. prior to the vote. (Via BBC)

But in response to this latest move, Russia announced sanctions of its own — imposing entry bans on some U.S. officials, including House Speaker John Boehner and Ariz. Sen. John McCain. (Via Fox News)

In response to Russia's sanctions, McCain tweeted he's "proud" of them, ​saying: "I'll never cease my efforts & dedication to freedom & independence of Ukraine, which includes Crimea."

Meanwhile the E.U. has been hesitant to push any further sanctions, as some countries depend on Russia for energy. According to the Los Angeles Times, Obama also does not want to make any moves triggering a war and is instead focused on sending aid to Ukraine.

President Obama has made it clear the results of the referendum and Russia's decision to annex Crimea will not be recognized and is working with the E.U. to discuss further action.