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Obama: New Russia sanctions will have 'an even bigger bite'

Obama: New Russia sanctions will have 'an even bigger bite'

President Obama announced a new round of U.S. sanctions on Russia's banking, arms and energy sectors, the latest step intended to punish Moscow for backing separatist militias in eastern Ukraine. 

"Today is a reminder that the United States means what it says," Obama told reporters at the White House.

"It didn't have to come to this, it didn't have to be this way, " Obama said, adding that Russian president Vladimir Putin had rejected efforts to resolve the situation, instead continuing efforts to turn Ukraine into a "vassal state."

The standoff over Ukraine is "not a new Cold War," Obama said, but "no country should have...

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