Combatting Ebola in Sierra Leone
Sierra Leone is among the countries recording the largest number of cases and deaths from Ebola. Watch how a medical treatment centre operated by Medecines Sans Frontiers (MSF) in Kailahun,...
By: European Union Humanitarian Aid and Civil Protection
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Combatting Ebola in Sierra Leone - Video
Obama Says U.S. To Outline New Russia Sanctions On Friday
President Barack Obama said on Thursday the United States will join the European Union in imposing tougher sanctions on Russia #39;s financial, energy and defense sectors after Moscow sent troops...
By: Nirvana News
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Obama Says U.S. To Outline New Russia Sanctions On Friday - Video
Doing business in Russia, despite the economic sanctions - economy
Economic sanctions are one way that the European Union and the United States hope to get the Kremlin to stop backing pro-Russian separatists in eastern Ukraine. But they are double-edged:...
By: euronews (in English)
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Doing business in Russia, despite the economic sanctions - economy - Video
Putin Welcomes Sanctions: Russian leader said Russian executives should remain at home
Russian President Vladimir Putin has said that he welcomes sanctions imposed by the European Union on Russian officials and State Duma officials during a meeting of the Shanghai Cooperation...
By: UKRAINE TODAY
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Putin Welcomes Sanctions: Russian leader said Russian executives should remain at home - Video
WASHINGTON (MCT) In a marked escalation of their sanctions campaign against Russia, the United States and the European Union hit the Kremlin on Friday with new penalties for its actions in Ukraine, targeting favored financial, energy and defense businesses.
The Western governments took steps to cut the flow of capital to these enterprises and to deprive the Russian energy sector, the foundation of the countrys economy, of Western know-how and technology it needs to develop new energy fields. The measures will also sting for U.S. energy companies who have been dealing with Russian firms.
The West sharpened sanctions because of Russias direct military intervention and blatant efforts to destabilize Ukraine, Treasury Secretary Jack Lew said in a statement.
But officials said the U.S. and Europe could roll back those penalties if Russia observed all the points of a proposed peace plan and respects the week-old cease-fire in Ukraines beleaguered eastern region.
The Obama administration hit Russias largest bank, Sherbank, for the first time and also sanctioned 10 government defense and energy companies. The European Union sanctions, in addition to its penalties on defense, energy and financial companies, extended assets freezes and travel bans on 24 individuals believed to be connected to Russias aggression in Ukraine.
To dry up Western financing, the U.S. and the EU have made it illegal for their companies to buy debt with maturity of more than 30 days from key Russian banks.
The U.S. sanctions bar American companies from providing goods or services from the deepwater, Arctic and offshore and shale energy projects of five Russian companies: Rosneft, Gazprom, Gazprom Neft, Lukoil and Surgutneftegas.
The goal is to effectively shut down this type of oil exploration and production activity, said an official who declined to be identified under ground rules set by the administration.
Among the U.S. companies that could suffer from the move is ExxonMobil, which has been working on a joint venture with Rosneft in the Arctic.
Analysts said this round of sanctions is likely to be especially painful to the Kremlin because it hits energy projects that are key to replenishing fast-depleting Russian energy fields and also goes after state-run defense companies the government has been aiming to expand.
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US, European Union target Russian energy sector with new sanctions