Today it was announced that the Obama administration would be imposing sanctions on seven additional Russian officials and 17 companies amid the ongoing crisis in Ukraine.
The sanctions include visa bans and asset freezes for seven government officials close to Russian President Vladimir Putin.
According to the White House statement on the sanctions, 13 of the targeted companies will be subject to certain restrictions:
…the Department of Commerce has imposed additional restrictions on 13 of those companies by imposing a license requirement with a presumption of denial for the export, re-export or other foreign transfer of U.S.-origin items to the companies. Further, today the Departments of Commerce and State have announced a tightened policy to deny export license applications for any high-technology items that could contribute to Russia's military capabilities.
Reuters is reporting that the European Union is expected to also impose more penalties on Russia.
Over the weekend leaders of the G7 agreed to intensify sanctions on Russia, and British Foreign Secretary William Hague said that damage to the British economy caused by sanctions on Russia would be a "price worth paying."
Background on Ukraine Crisis Sanctions
The sanctions announced today are only the latest attempt by the Obama administration to punish Russia for its recent behavior related to the crisis in Ukraine. Last month, in the wake of the controversial Crimea annexation referendum, President Obama signed an executive order expanding already existing sanctions, including asset freezes and travel bans, to 11 Ukrainian and Russian officials.
Soon after the Obama administration targeted the 11 Ukrainian and Russian officials, Obama announced more sanctions, which targeted some wealthy Russians, a Russian bank, and more officials.
The E.U. imposed similar sanctions on selected Russian and Ukrainian officials. Reason 24/7 wrote about the E.U. and U.S. sanctions that were imposed after the Crimea referendum, read that post here.
Reason on Sanctions
Zenon Evans on how sanctions against Russia could have affected a Miley Cyrus concert in Finland. It was later reported that Cyrus would be able to perform at Hartwall Arena, a venue in Helsinki owned by a Russian targeted by sanctions.
Steve Chapman on why sanctions against Russia are futile.
More from Reason on Ukraine here.