President Barack Obama today announced new sanctions against Russia in key sections of its economy – energy, arms and finance.

New sanctions block exports of specific goods and technologies to the Russia energy sector. Obama said the U.S. has expanded sanctions to more Russian banks and defense companies. The U.S. is also formally suspending credit that encourages exports to Russia and financing for economic developments in Russia.

The president said that the European Union is joining the U.S. in imposing wide-ranging sanctions.

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“Today, Russia is once again isolating itself from the international community, setting back decades of genuine progress,” Obama said. “And it doesn’t have to come to this, it didn’t have to come to this, it does not have to be this way.”

Obama said that Russia and its proxies in Ukraine have failed to cooperate or pursue diplomatic solutions in its conflict with Ukraine. He charged separatists with interfering with the MH17 crash investigation and tampering with evidence, and he said they continue to shoot down aircrafts in the region. Additionally, Obama said that Russia continues to support, encourage, train and arm these rebels.

The president said that satellite images show that forces inside Russia have launched artillery strikes into Ukraine. He called it “another violation of Ukraine’s sovereignty.”

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Obama vowed to rally the international community in standing up against Russia’s actions.

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