U.S., EU Widen Russian Sanctions as Putin Ignores Ultimatum

The U.S. and the European Union imposed the most aggressive sanctions to date on Russian business and said more may follow, acting after threats to squeeze the $2 trillion economy over the conflict in Ukraine.

Russia’s ruble and bonds plunged and stocks fell to a more than six-week low after the Obama administration unveiled the plan and Ukraine said a fighter jet was shot down by the Russians yesterday. Targeted companies include OAO Rosneft, Russia’s largest oil company, natural gas producer OAO Novatek, OAO Gazprombank, the country’s third-largest lender, and eight defense firms. EU leaders agreed to blacklist companies and halt lending to public-sector projects in Russia.