Obama declares new sanctions against Russian banks, energy and defense industries

16:24, 30.07.2014 1 min read

U.S. President Barack Obama has declared the introduction of new sanctions which will apply to the energy, defense and financial sectors of the Russian economy.

"Today, and building on the measures we announced two weeks ago, the United States is imposing new sanctions in key sectors of the Russian economy: energy, arms, and finance," the U.S. president said.

According to him, the sanctions will be imposed on "specific goods and technologies to the Russian energy sector."

"And we're formally suspending credit that encourages exports to Russia and financing for economic development projects in Russia," he added.

However, the U.S. president failed to mention any specific organizations the sanctions would be imposed on.

Obama's statement was broadcasted on American TV.

In addition, earlier on Tuesday, the United States Treasury Department posted new increased sanctions against Russia. In this round of sanctions, the U.S. targeted Russia's United Shipbuilding Corporation, Bank of Moscow, Russian Agricultural Bank, and VTB Bank.