WASHINGTON - President Barack Obama announced Tuesday a new round of U.S. sanctions against Russia.
The sanctions target the energy, finance and arms sectors of Russia's economy.
"Russia continues to support the separatists (in the Ukraine), to encourage and train and arm them," Obama said.
The U.S. penalties follow other new sanctions that European Union leaders agreed to earlier Tuesday.
The European penalties are similar to sanctions imposed by the U.S. just two weeks ago targeting other big Russian banks, and energy and defense companies.
When asked, the president said, "No. It's not a new Cold War."
The U.S. and its European allies blame Russian-supported separatists for destabilizing eastern Ukraine and for this month's downing of a commercial airplane carrying 298 people as it flew over rebel-controlled territory