He said the co-ordinated actions of the US and European Union would "have an even bigger bite" on Russia's economy.

 

The new restrictions¹ include banning Americans or people in the US from banking² with three Russian banks. 

 

The aim is to increase the cost to Russia of its continued support for pro-Moscow rebels in eastern Ukraine.

 

Moscow denies charges by the EU and US that it is supplying heavy weapons to the rebels.

 

Speaking at the White House, Mr Obama said the US was widening its sanctions to target the key sectors⁴ of the Russian economy - energy, arms and finance.

 

"If Russia continues on this current path, the costs on Russia will continue to grow," Mr Obama said.

 

The US Treasury⁵ said the banks being targeting in this round of sanctions were VTB, the Bank of Moscow, and the Russian Agriculture Bank (Rosselkhozbank).

 

Earlier, the EU also adopted new economic sanctions against Russia, targeting the oil sector³, defence equipment and sensitive technologies. 

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