In response to its continuous intrusion in Ukraine, the United States and its European allies decided to escalate sanctions on Russia with main focus on Russian energy, defense and two of the country's biggest banks.

President Barrack Obama has announced in a White House briefing on Wednesday a new set of sanctions targeting some of Russia's biggest companies continuing to urge the country to heed diplomatic agreements and let the Ukrainians "forge their own destiny."

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He repeatedly made it clear that Russia must prevent cross-border transfers of weapons into Ukraine. He also said Russia must urge Ukranian separatists to release their hostages and support a call for ceasefire.

The additional sanctions are designed to have "maximum effect" on Russia to make sure the government understands that its action have certain consequences stressing that though the U.S. prefer diplomatic solutions, "we have to see concrete actions and not just words that Russia in fact is committed to trying to end this conflict."

Also exasperated with the Russia's persistence is the European Union (EU) which has ordered more hard-hitting injunctions for the country involving suspension of financial support for the new European Bank for Reconstruction and Development operations in Russia.

The EU has also suggested targeting companies or people who provide material and financial sustenance to the Russian leaders liable for the destabilization of Eastern Ukraine.

The United States, together with the European Union, have decided to limit access to two of Russia's major banks and energy firms to U.S. financing sources and impose blocking sanction eight weapon firms and a group of Russian officials.

TagsEuropean Union, Russia, Ukraine, Sanctions, sanctions against Russia