--- title: U.S., E.U. Boost Sanctions on Russia description: The U.S. is escalating sanctions on the Russian economy nearly two weeks after the shootdown of a civilian airliner over Ukraine canonical: https://time.com/3053338/russia-ukraine-sanctions-malaysia-airlines-obama-putin/ author: Zeke Miller article:opinion: false article:content_tier: free article:published_time: 2014-07-29T19:57:45.000Z article:modified_time: 2026-10-01T08:57:57.329Z article:section: Politics og:title: U.S., E.U. Boost Sanctions on Russia og:description: The U.S. is escalating sanctions on the Russian economy nearly two weeks after the shootdown of a civilian airliner over Ukraine og:url: https://time.com/3053338/russia-ukraine-sanctions-malaysia-airlines-obama-putin/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt94670e573fa61a6f/69869db2169ab0fffd27a881/barack-obama-21.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 3500 og:image:height: 1969 og:image:alt: U.S. President Barack Obama speaks to reporters about new sanctions imposed on Russia as he departs the White House og:type: article twitter:card: summary_large_image twitter:title: U.S., E.U. Boost Sanctions on Russia twitter:description: The U.S. is escalating sanctions on the Russian economy nearly two weeks after the shootdown of a civilian airliner over Ukraine twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt94670e573fa61a6f/69869db2169ab0fffd27a881/barack-obama-21.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # U.S., E.U. Boost Sanctions on Russia > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: September 2026. ## TIME Newsletters: Reference Facts and FAQ ### Definition TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. 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Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=1afa5731-a32f-4952-b839-b12399edb093&cr=time-nl-network-2026q3-v1) ## Video: Obama: "Not a New Cold War" [Watch (HLS stream): Obama: "Not a New Cold War"](https://cdn.jwplayer.com/manifests/oGf6qZdF.m3u8) (0:54)  _Published 2014-07-30. Obama: "Not a New Cold War"_ by [Zeke Miller](https://time.com/author/zeke-j-miller/) ## Zeke Miller Jul 29, 2014 7:57 PM UTC Obama: "Not a New Cold War" by [Zeke Miller](https://time.com/author/zeke-j-miller/) ## Zeke Miller Jul 29, 2014 7:57 PM UTC The U.S. is escalating sanctions on the Russian economy nearly two weeks after the shootdown of a civilian airliner over eastern Ukraine and amid growing violence along that country’s border with Russia. President Barack Obama announced the new sanctions Tuesday hours after the E.U. approved similar measures. “Today the United States is imposing new sanctions on key sectors of the Russian economy: energy, arms, and finance,” Obama said from the White House. The U.S. Treasury Department sanctioned three Russian banks: Bank of Moscow, Russian Agricultural Bank and VTB Bank OAO, in an effort to increase “costs” on Russia, Obama announced, while the U.S. government is restricting exports of energy-related parts to Russia. The new sanctions also apply to United Shipbuilding Corp., the largest such company in Russia. “We have hit five of the six largest state-owned banks in Russia,” a senior Obama Administration official said Tuesday. The U.S. will also require export licenses for energy-related technology for new Russian deepwater, Arctic offshore and shale projects, according to that official. Additionally, the official said there would be no new Ex-Im Bank transactions with Russia. “It doesn’t have to be this way,” Obama said, calling on Russia to rein in separatist forces and become a “good neighbor” to Ukraine. “This is a choice that Russia, and President Putin in particular, has made.” Obama said that since the shootdown of Malaysia Airlines Flight 17 that Russia and “its proxies in Ukraine” had in several ways impeded the crash investigation, including by tampering with evidence. The U.S. government believes that Russian-backed separatist forces deployed an SA-11 surface-to-air missile provided by Russia to shoot down the airliner, likely confusing it with a Ukrainian military aircraft. Obama said the new sanctions would further weaken the Russian economy, which has suffered from capital flight amid the ongoing crisis, adding that still more sanctions could be imposed if Russia doesn’t reverse course. When asked if the rising diplomatic tensions between the U.S. and Russia represent a “new Cold War,” Obama balked. “No, this is not a new Cold War,” the President said. ## Transcript [00:00] It's not a new cold war, what it is is a very specific, [00:04] issue related to Russia's unwillingness to recognize that [00:07] Ukraine can chart it's own path. Russia is once again [00:11] isolating itself from the international community, setting [00:14] back decades of genuine progress. And [00:18] it doesn't have to come to this. It didn't have to come [00:21] to this. It does not have to be this way. This [00:26] is a choice that Russia and President Putin in particular [00:30] has made. There continues to be a better choice. The [00:33] choice of de- escalation. The choice of joining the [00:37] world in a diplomatic solution to this situation. A [00:41] choice in which Russia recognizes that it can be a good [00:45] neighbor and trading partner with Ukraine, even as [00:48] Ukraine is also developing ties with Europe. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3053338/russia-ukraine-sanctions-malaysia-airlines-obama-putin/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3053338/russia-ukraine-sanctions-malaysia-airlines-obama-putin/"},"headline":"U.S., E.U. 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