US, EU Preparing New Round of Economic Sanctions against Russia

Local Editor

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.

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.

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 Telegraph reported 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."

Western powers claims that the Kremlin has a direct role in the escalating hostilities in eastern Ukraine, where the Kiev-based military has for weeks now been engaged in combat against separatists presumed to be supported by Russian forces. Moscow has adamantly denied this claim.

US President Barack Obama is currently in Wales, where NATO alliance members are meeting throughout this week to weigh further options concerning the current situation in eastern Ukraine, as well as the international threat posed by the Daesh [ISIL] militants and other issues.

Source: News Agencies, Edited by website team