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On Thursday, US President Barack Obama said that the US will intensify its sanctions in energy, finance and defense sectors to punish Russia for its “illegal actions” in Ukraine, as the EU said that it could lift the new sanctions if the ceasefire in Ukraine continues.
In his statement, Obama said that the move will worsen the Kremlin’s deepening economic and political isolation.
“We are implementing these new measures in light of Russia’s actions to further destabilize Ukraine over the last month, including through the presence of heavily armed Russian forces in eastern Ukraine”, Obama said.
He added that Washington was watching the ceasefire between Russia and Ukraine, but had “yet to see conclusive evidence that Russia has ceased its efforts to destabilize Ukraine”.
He also said that his administration will give details of the new sanctions on Friday, adding that they would exact costs on people close to Russian President Vladimir Putin. He also offered Moscow the option of stepping back from Ukraine and get relief from the sanctions.
“If Russia fully implements its commitments, these sanctions can be rolled back. If, instead, Russia continues its aggressive actions and violations of international law, the costs will continue to rise”, Obama said.
Earlier in the day, the EU had agreed to put new sanctions on Russia, targeting defense and oil firms, but said that it might lift them if the ceasefire in Ukraine holds.
Furthermore, 24 people, including Ukrainian separatists and Russian oligarchs, have been handed out asset freezes and travel bans under the sanctions, which had been delayed this past week due to disagreements between EU member nations.
The sanctions will come into effect on Friday, President of the EU Herman Van Rompuy said on Thursday, after difference over the continuity of peace in eastern Ukraine, with Russia promising a forceful response.