President Barak Obama announced Mar. 20 the US will be imposing a second wave of sanctions on Russia.
The US sanctions target 20 members of Putin’s inner circle, as well as Bank Rossiya, an institution that supports officials with interests in Crimea, reports BBC.
The sanctions will put more pressure on Russia to forgo its involvement in Crimea. This latest round comes after pro-Russian military forces entered a navel base in Crimea around 2:30 a.m. Mar. 20, according to Al Jazeera.
“With its currency near an all-time low, its stock market down twenty percent this year and a marked rise in interest rates, Russia has already started to bear the economic costs of its unlawful effort to undermine Ukraine’s security, stability, and sovereignty,” said Under Secretary for Terrorism and Financial Intelligence David S. Cohen in a press release.
Germany’s Chancellor Angela Merkel said the European Union will also be imposing more sanctions. Russia’s spot in the G8 forum has been suspended indefinitely, reports CBC.
These sanctions against Russia are the most comprehensive since the Cold War. But western news agencies report tens of thousands of Russian troops are still massing along Ukraine’s border.
Putin says they are there for training exercises. But Ukraine is afraid Russia is preparing to invade.