The European Union agreed to a tougher set of economic sanctions on Russia, officials announced Tuesday, as the EU and the United States continue their diplomatic battle with Russian President Vladimir Putin.
The EU sanctions will limit access to EU capital markets for Russian State-owned financial institutions, and impose an embargo on trade in arms, according to a statement from the EU.
New EU penalties will establish an export ban for dual use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector, according to the EU.
Since the beginning of the crisis in Ukraine, the US has worked to back the country and the ability to make its own decisions.
"If Russia continues on its current path, the cost on Russia will continue to grow," Obama stated.
Click here to listen to President Obama give his speech.