New sanctions issued against Russia by USA, Canada, EU

New financial sanctions have been imposed on Russia by the United States, Canada and the European Union in relation to Russia's annexation of the Crimean Peninsula.

Six Russian individuals and eight companies, which coordinated and provided material support for Russia's actions, have been blocked by the United States and its "transatlantic partners", The Hill quoted the US Treasury Department as saying.

"The United States and our transatlantic partners will not allow Russia's continued aggression against Ukraine to go unchecked," Treasury Secretary Steven Mnuchin said in a statement.

He further said that the "joint initiative" with Canada and the EU "reinforces our shared commitment to impose targeted and meaningful sanctions in response to the Kremlin's attempts to disregard international norms and undermine Ukraine's sovereignty and territorial integrity."

The sanctioned entities are now banned from the US financial system as well as from accessing US-based assets.

Germany has previously supported economic sanctions against Russia.

There are three types of economic sanctions. The first restricts access to Western financial markets and services for designated Russian state-owned enterprises in the banking, energy, and defence sectors. The second places an embargo on exports to Russia of designated high-technology oil exploration and production equipment. The third is an embargo on exports to Russia of designated military and dual-use goods.