President Obama announced new sanctions against Russia, in coordination with the European Union announcing its own sanctions, in response to the aggression against Ukraine. President Obama said, “United States is imposing new sanctions in key sectors of the Russian economy: energy, arms and finance.”
President Obama said the Russian-backed separatists still won’t cooperate with international investigators in the down Malaysia Airlines plane. He also said U.S. satellite images show that Russia recently fired missiles across the border into Ukraine.
Obama warned if Russia, led by President Vladimir Putin, doesn’t change its policy towards Ukraine, the “costs will continue to grow.”
NY Times: The growth of the oil industry in the last two decades has powered Russia’s economic and geopolitical resurgence since the collapse of the Soviet Union and enriched allies of President Vladimir V. Putin. Russia pumps about 10.5 million barrels of oil a day, making it among the largest producers.
“The biggest edge that Western energy companies still have is their technological edge — that’s why these sanctions have the potential to have significant impact,” said Michael A. Levi, an energy expert at the Council on Foreign Relations. “Chinese companies can’t step in and provide shale technology where U.S. companies are blocked. They can provide capital; they can provide people. They can’t fill in on the technology front.”