The United States is imposing new sanctions on Russia, in response to their support for rebels in eastern Ukraine.
The sanctions target defense companies, two banks, a pair of energy companies and separatists in the Ukraine. European leaders are also discussion additional embargoes.
During a press conference, the President stated, "We have to see concrete actions, and not just words that Russia in fact is committed to trying to end this conflict along the Russia-Ukraine border."
Russian president Vladimir Putin warned the White House that sanctions are harming relations between the two nations. He also said actions by the Obama administration are driving fighting in the Ukraine, and preventing opposing forces from meeting at the negotiation table.
The two banks that are the targets of sanctions by Obama will now not be eligible for long or medium-term financing. One of the defense makers named by the White House is the Kalashnikov Concern, who produce the AK-47 rifle.