Barack Obama: 'Not a new Cold War'

President Barack Obama on Tuesday announced escalated U.S. sanctions against Russia in the energy, arms and finance sectors, turning up the heat as European countries agreed to take their strongest steps yet targeting Russia over claims it is fomenting unrest in Ukraine.
“Today is a reminder that the United States means what it says and we will rally the international community in standing up for the rights and freedom of people around the world,” Obama said from the South Lawn of the White House. “Russia’s energy, financial and defense sectors are feeling the pain…Major sanctions we’re announcing today will continue to ratchet up the pressure on Russia, including the cronies and companies that are supporting Russia’s illegal action in Ukraine.”