The US today imposed tough economic sanctions on Russia, including measures against its largest bank, several state-owned defence technology and energy companies, for allegedly supporting separatists in Ukraine. The tough economic sanctions comes a day after US President Barack Obama made an announcement in this regard.

The US actions followed similar sanctions imposed by European Union to put pressure on the Russian economy over the country's alleged interference in Ukraine. The American action targets Sberbank of Russia -- the largest Russian bank -- deepens existing sanctions on Russian financial institutions, expands sanctions in Russia's energy sector and targets additional energy- and defense-related Russian entities.

"Today's actions demonstrate our determination to increase the costs on Russia as long as it continues to violate Ukraine's territorial integrity and sovereignty," said Under Secretary for Terrorism and Financial Intelligence David Cohen.