US, EU preparing new round of economic sanctions against Russia

The United States is planning a new round of sanctions aimed at the Russian Federation over the ongoing crisis in Ukraine, the White House said on Thursday, and the European Union is reportedly on the verge of doing the same.

Reuters reported on Thursday that the White House is working on a new wave of sanctions against Russia, which may be imposed in tandem with embargoes expected to be announced by European Union representatives later this week. The newswire made the announcement as the White House participated in a conference-call with reporters.

According to Reuters, Deputy White House national security adviser Ben Rhodes told reporters that the new penalties were being finalized, but neglected to give details concerning what specific sectors will be targeted.

“The key point is that Russia must continue to face costs for its own escalation,” Rhodes said. “If Russia escalates we can escalate our pressure.”

Previously, sanctions imposed by the US and EU have targeted some of the largest banks in Russia, as well as the country’s largest oil producer, Rosneft.

Moments before it was reported that the US is working on a new round of sanctions, the Telegraphreported from the UK that its journalists were shown a confidential three-page document suggesting “all state-controlled Russian oil and defense companies will be banned from raising funds in European capital market.”

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