U.S. Sanctions Russian Economy

Speaking from the South Lawn of the White House Thursday, President Obama unveiled new sanctions against Russian officials and a bank, declaring, "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. However, Russia must know that further escalation will only isolate it further from the international community." The move comes just hours after Russia's lower parliament ratified a treaty making Crimea a part of the Russian Federation. In response to the sanctions, Putin banned nine U.S. officials from entering Russia, including Speaker John A. Boehner, Sen. Harry Reid, and Sen. John McCain. Russia's Foreign Ministry released a statement saying “There should be no doubt: for every hostile attack, we will respond appropriately."