Obama: 'Russia's actions in Ukraine have consequences'
16 July 2014 Last updated at 23:56 BST
The United States has increased sanctions against Russia over Ukraine, targeting major banks, defence and energy firms.
President Obama announced the move on Wednesday, saying Russia had "failed to take steps" to resolve the conflict diplomatically.
Mr Obama warned Russia that "its actions in Ukraine have consequences", including a weakening economy and diplomatic isolation.