President Obama on Tuesday announced a new round of U.S. sanctions on Russia's energy, finance and arms sectors, in a bid to use Russia's economy as leverage to compel Moscow to stop fueling the deadly conflict in Ukraine.
The U.S. penalties follow tougher sanctions agreed to by European Union leaders earlier in the day.
"Russia is once again isolating itself from the international community," Obama said, claiming that the U.S. sanctions will have an "even bigger bite" thanks to action by the Europeans.
Among the sanctions, according to the Treasury Department, are U.S. penalties that target the Bank of Moscow, the Russian Agricultural Bank and VTB Bank. Also listed on the Treasury designation is the United Shipbuilding Corp., which is based in St. Petersburg, Russia.
The U.S. is pursuing additional sanctions -- and has been pressing Europe to catch up with the American sanctions -- in the wake of the downed Malaysia Airlines jet in eastern Ukraine. The West blames Russian-backed separatists for shooting down the plane, which was carrying 298 people.
In making the case for the additional steps, Obama said Russia has continued to support the separatists, "and encourage them and train them and arm them." He said forces inside Russia are launching artillery strikes into Ukraine, which he called a "major violation of Ukraine's sovereignty."
He also said Russia continues to build up its own forces near the border.
The European penalties are similar to sanctions imposed by the U.S. just two weeks ago targeting other big Russian banks, and energy and defense companies.
The Associated Press contributed to this report.
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