President Obama Announces New Sanctions on Russia

The European Union joins the United States making a stand against Russia's actions in Ukraine.
7:16 | 07/29/14

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Transcript for President Obama Announces New Sanctions on Russia
In the Netherlands. Malaysia. Australia and countries around the world families are still. In shock over of sudden and tragic loss of nearly 300. Loved ones. Some senselessly killed. When their civilian airliner was shot down over territory controlled by Russian backed separatists in Ukraine. These grieving families and their nations -- friends. And our allies. And -- our prayers and our outrage. The United States continues to do everything in our power. To help. Bring home their loved ones support the international investigation. And make sure justice is done. Cents a share down however. Russia and its proxies in Ukraine. Have failed to cooperate with the investigation and to take the opportunity to pursue. A diplomatic solution to the conflict in Ukraine. These Russian backed separatists have continued to interfere in the crash investigation. And to tamper with the evidence. They have continued. To shoot down Ukrainian aircraft in the region. And because of their actions. Scores of Ukrainian civilians continue to die needlessly every day. Meanwhile. Russia continues to support the separatists and encourage them and train them and arm them. Satellite images belong with information we do classified in recent days. -- that forces inside Russia have launched artillery strikes into Ukraine. Another major violation. Ukraine's sovereignty. And we have information that Russia. Continues to build up its own forces near the Ukrainian border. And that more Russian military equipment including artillery. Armored vehicles and air defense equipment has been transferred across the border to these separatists. Since the beginning of the crisis in Ukraine the United States has worked to build a strong international coalition to support Ukraine. Its sovereignty. Its territorial integrity. It's right determine its own destiny. And to increase the pressure on Russia for actions that have undermined Ukraine's sovereignty. Territorial integrity. And ability to make its own decisions. The court backed coalition is the United States and our European -- In recent days I've continued to coordinate closely with our allies and our partners to ensure a unified response to shoot down. Of Malaysian airlines flight seventy. And Russia's continued arming of the separatist. And I've spoken several times with prime minister roots of the Netherlands and prime mister -- of Australia. Yesterday. I had a chance to speak with prime minister Cameron of the United Kingdom -- loan of France chancellor Merkel of Germany and prime mr. frenzy of Italy. We are united in our view that the situation in Ukraine ought to be resolved diplomatically. They sovereign independent Ukraine is no threat to Russian interests. We've also made it clear. As I have many times that if Russia continues. On its current path the cost on Russia will continue to grow. And today is a reminder that the United States means what it sets. We will rally the international community and standing up for the rights and freedom of people around the world. 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. Were blocking the exports of specific goods and technologies to the Russian energy sector. We're expanding our sanctions to more Russian banks and defense companies. There were formally suspending credit that encourages exports to Russia and financing for economic development projects in Russian. At the same time. The European Union is joining us in imposing major sanctions on Russia. Its most significant and wide ranging sanctions today. In the financial sector the -- is cutting off certain financing to state owned banks in Russia. In the energy sector of the U -- stop exporting specific goods and technologies to -- Which will make it more difficult for Russia to develop its oil resources over the long term. In the defense sector of the U is prohibiting new arms imports and exports. This halting the export of sensitive technology. To Russia and military users. And because work closely coordinating our actions with Europe the sanctions -- announcing today will have an even bigger -- -- Russia's actions in Ukraine and the sanctions that we party imposed. Have made it a week Russian economy even -- Foreign investors already are increasingly staying away. Even before our actions today nearly 100 billion dollars in capital was expected to flee Russia. Russia's energy financial and defense sectors are feeling the pain. Projections for Russian economic growth are down to near zero. The major sanctions were announcing today will continue to ratchet up. The pressure on Russia including the cronies -- companies. That are supporting Russia's illegal actions in your friend. In other words today. Russia is once again isolating itself from the international community. Sitting back decades of genuine progress. And it doesn't have to come to this. It didn't have to come to us. It does not have to be this -- This is a choice that Russia. And President Putin in particular. Has made. -- continues to be a better choice the choice of the escalation. The choice of joining the world in a diplomatic solution to this situation. -- in which Russia recognizes that it can be a good neighbor and trading partner. -- Ukraine even as Ukraine is also developing ties. -- Europe and other parts of the world. I'm gonna continue to engage President Putin as -- as -- and Portugal. And our European partners in pursuit of such a diplomatic solution. But it is important for Russia to understand. That. Meanwhile we will continue to support the people of Ukraine who have elected a new president. Would deepen their ties with Europe -- the United States. And that the path for a peaceful -- solution to this crisis involves recognizing the sovereignty. -- territorial integrity and the independence. Of the Ukrainian people. Today the people of Ukraine. I hope -- seeing once again that the United States keeps its work. We're gonna continue to lead the international community and our support for the Ukrainian people. And for the peace and security in the freedom. That they very richly deserve. Thanks very much.

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

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