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Obama expands sanctions targeting Russia

The White House on Wednesday announced a new round of sanctions against several large banking, energy, and defense companies in Russia in response to Moscow's "attempts to destabilize eastern Ukraine and its ongoing occupation of Crimea."

The punished companies include Rosneft, a state-run oil company; Gazprombank, Russia's third-largest bank; and Vnesheconombank, a state-owned development bank. In addition, the Treasury Department announced sanctions on a number of arms manufacturers — including Kalashnikov Concern, the largest weapons producer in Russia and maker of the eponymous, infamous rifle.

The sanctions came in conjunction with lighter sanctions from European nations.