Crimea crisis

WASHINGTON/BRUSSELS - US President Barack Obama and the European Union (EU) decided to expand their sanctions against Russia,?a move targeting Russia's economy and Putin's closest allies over Crimea crisis.?

Obama on Thursday announced new sanctions against senior Russian officials and a bank in a move to "impose additional costs" on Russia.

"Based on the executive order that I signed in response to Russia's initial intervention in Ukraine, we're imposing sanctions on more senior officials of the Russian government," Obama said.

Washington is also imposing sanctions on a number of other individuals who provide material support to the Russian leadership, as well as a bank that provides material support to these individuals, Obama said, adding that the steps are part of the US response to Russia's moves in Crimea.

In addition, Obama said he had signed a new executive order on Thursday to impose sanctions on key sectors of the Russian economy.

The new sanctions would not only have a significant impact on the Russian economy, but could also be "disruptive" to the global economy, Obama said.

"Russia must know that further escalation will only isolate it further from the international community," Obama added.

The EU leaders decided to expand its sanctions against Russia by by adding 12 more person on the blacklist with travel ban and assets freeze and canceling the EU-Russia summit, European Council President Herman Van Rompuy said Friday.

The decision of expanding sanctions against Russia was made by the EU 28 member states' leaders who gathered in Brussels for the bloc's spring summit, used to be focused on economic issues but eclipsed by the Ukraine crisis.

The EU did not publish the 12 additional person's name immediately, but Van Rompuy said on the press conference following the summit, some of them are really high ranking Russian officials.

Obama rules out military action in Ukraine	China urges political solution to Crimean issue