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U.S. Sanctions Russian Economy

Banking, energy, defense sectors.

Hours after the European Union agreed to level broader sanctions on Russia for its involvement in Ukraine, President Obama joined in. The United States joined the EU in placing sanctions on banking, energy, and defense sectors of the Russian economy. While Russia can still export oil, for instance, sales of certain types of technology for oil exploration would be barred. European banks and investors won’t be able to buy or trade in most new bonds or securities issued by Russian banks, either. “Today is a reminder that the United States means what it says and we will rally the international community in standing up for the rights and freedom of people around the world,” Obama said on the South Lawn of the White House.