Obama and the E.U. Drop the Hammer on Russia with Heavy Sanctions

The Treasury Department released a list of large Russian banks that are blocked from transactions with Americans, including the Bank of Moscow, the Russian Agricultural Bank and VTB Bank.

Obama made his announcement shortly after the European Union unveiled its new sanctions package, one that “will limit access to EU capital markets for Russian State-owned financial institutions & impose an embargo on trade in arms,” according to a statement.