Obama: Russia Sanctions Will Impact Global Economy

The president seeks to solidify European support against Russia's annexation of Crimea.
3:00 | 03/26/14

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Transcript for Obama: Russia Sanctions Will Impact Global Economy
The financial sanctions the US and European slapped on Russia are expect to take a major told the Russian economy. Today President Obama acknowledged the effects could spread beyond Russia. In order for Russia to feel the brunt the impact. These sanctions that there will have some impact on the global economy as well as. On all the countries that are represented here today. Boy speaking with European leaders in Brussels President Obama said Russia has further isolated itself with its actions in Crimea. Russia stands along Russia's -- -- when trying to defend its actions. That the UN Security Council. While the US and its European allies stand in solidarity and supported Ukraine so anyone in the Russian leadership thought the world wouldn't care about their actions. In Ukraine. Or that they could drive a wedge between the European Union in the United States. They clearly miscalculated. President Obama headed diversity -- -- planned for his three days in Europe but so far the crisis in Ukraine has dominated his trip. At yesterday's press conference marking the end of the annual nuclear summit. A single question about nuclear terrorism. President Obama was asked if Mitt Romney was correct in the 2012 campaign when he said that Russia is America's biggest world foe Russia. Is. A regional power. That is threatening. Some of its immediate neighbors. Not on the strength. But out of weakness. No reaction from President Putin but as senior lawmaker -- said Russia why does is and will be a superpower. Karen Travers ABC news Washington.

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

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