Obama imposes new sanctions on Russia over Ukraine

Russia has failed to take steps to end the Ukraine conflict, President Barack Obama said Wednesday in announcing expanded sanctions targeting two banks, two energy companies, Ukraine separatists and defense companies, CNN reported.

European Union leaders also said they intended to increase sanctions, signaling growing Western concern over Russia's continued support for separatists battling the Ukraine military in the country's eastern region.

"We have to see concrete actions, and not just words that Russia in fact is committed to trying to end this conflict along the Russia-Ukraine border," Obama told reporters at the White House.

With the new sanctions, "what we are expecting is that the Russian leadership will see once again that its actions in Ukraine have consequences, including a weakening economy, and increasing diplomatic isolation," the President said.