President Obama Puts Tough New Sanctions on Russia

Russian President Vladimir Putin threatens to strike back in kind.
1:22 | 07/17/14

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Transcript for President Obama Puts Tough New Sanctions on Russia
We turn to president Obama slapping new sanctions on Russia for the crisis in Ukraine. Some of the most punishing measures yet and this morning Vladimir Putin is saying he'll strike back just as hard. Jon Karl has the latest. Good morning, Jon. Reporter: Good morning, George. These are sanctions designed to inflict some real economic pain on Russia. They hit two of the largest Russian energy company, two of the largest Russian banks and it comes just as Russia has amassed some 12,000 troops on the border with Ukraine and the white house is worried that there could be further problems in that country. The Russians are saying Putin himself saying this is actually going to hurt the U.S. Economy. Exxon Mobil has deals with one of these big energy companies and the kremlin has denounced these as a primitive attempt to take vengeance for the fact that events in Ukraine are not going according to the Washington script. He's taking a broadside against president Obama's foreign policy. Politics, New Jersey govern governor Chris Christie putting his toe back in the presidential waters heading to Iowa after that traffic scandal. Now he has a full schedule. Reporter: It's a long way from the George Washington bridge. Officially this is simply an effort to help Iowa governor terry Branson in his re-election but sure looks like he's testing the waters for a presidential run and later he's going to new Hampshire. Decent poll Numbers in Iowa, as well. Jon, thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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