07/29/2014 03:49 pm ET Updated Aug 01, 2014

Obama Announces Tougher Sanctions On Russia

President Barack Obama gave a statement on the crisis in Ukraine Tuesday, announcing tougher U.S. sanctions on key sectors of the Russian economy, including energy, arms and finance.

"Today is a reminder that the United States means what it says," Obama said.

According to the Treasury Department, the U.S. penalties target the Bank of Moscow, the Russian Agricultural Bank and VTB Bank, the AP reports. Also listed on the Treasury designation is the United Shipbuilding Corp., which is based in St. Petersburg, Russia.

These new penalties against Russia follow tougher sanctions agreed to by European Union leaders earlier on Tuesday. White House spokesman Josh Earnest commented on the EU sanctions before Obama spoke, calling them welcome news.

"Russia is once again isolating itself from the international community, setting back decades of progress," Obama said. "It doesn't have to be this way."

When prompted by a reporter, Obama said, "No, it's not a new Cold War." But he did chide Russia and its proxies, saying they have failed to cooperate with the investigation of the crash of Malaysia Airlines Flight MH-17.

"Meanwhile, Russia continues to support the separatists...and train them, and arm them," Obama said, noting satellite images show Russian forces have launched artillery strikes into Ukraine.

Obama said "families are still in shock over the sudden and tragic loss of nearly 300 loved ones, senselessly killed" when Malaysia Airlines Flight MH-17 was shot down on July 17.



Air Malaysia MH17 crashes in Ukraine