Obama administration sanctions Russia's largest bank

The Obama administration Friday announced new penalties against Russia’s largest bank and expanded sanctions on the nation’s energy and defense sectors, pledging additional economic punishment if Russian President Vladimir Putin continues his incursions in Ukraine.

The Treasury Department added Sberbank of Russia, the country's largest bank, to the list of sanctioned financial institutions, joining the Bank of Moscow, Gazprombank OAO, Russian Agricultural Bank, Sberbank, VEB, and VTB Bank.

The U.S. also blocked the assets of five Russian state-owned defense technology firms – OAO Dolgoprudny Research Production Enterprise, Mytishchinski Mashinostroitelny Zavod OAO, Kalinin Machine Plant JSC, Almaz-Antey GSKB and JSC NIIP.

Russian energy companies Gazprom Neft and Transneft are now prohibited from issuing new transactions with debt of greater than 90 days, the administration said.

Click for more from WashingtonExaminer.com