US imposes tough sanctions on Russia

July 17, 2014 08:46

The US has slapped additional tough sanctions on Russia's financial services and energy sectors for the failure of Moscow to taken enough steps to address the volatile political situation in Ukraine.

The Department of the Treasury imposed a broad-based package of sanctions yesterday on entities in the financial services, energy and arms or related materiel sectors of Russia as well as on those undermining Ukraine's sovereignty or misappropriating Ukrainian property.

"Russia has continued to destabilise Ukraine and provide support for the separatists, despite its statements to the contrary," Under Secretary of Treasury for Terrorism and Financial Intelligence David S Cohen said.

"Because Russia has failed to meet the basic standards of international conduct, we are acting today to open Russia's financial services and energy sectors to sanctions and limit the access of two key Russian banks and two key energy firms to US sources of financing and to impose blocking sanctions against eight arms firms and a set of senior Russian officials," he said.

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