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EU Hits Russia with New Military, Financial Sanctions

3:14

European Union governments reached a deal to impose economic sanctions against Russia, targeting its oil industry, defense, dual-use goods and sensitive technologies, marking a new phase in the biggest confrontation between Moscow and the West since the Cold War. The sanctions will limit Russia's access to EU capital markets, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector, EU government officials said in a statement Tuesday. The White House followed with new sanctions of its own. The EU sanctions will initially last a year, but will be reviewed after three months, the diplomats said. The sanctions mark a fundamental change in how Europe deals with Russia, one which carries risks not just for Moscow but for Europe itself. The new list is expected to be made public on Wednesday, adding to the 87 people and 20 organizations already hit with asset freezes for playing a role in threatening Ukraine.

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-Reuters and CNBC.com