Sanctions against Russia tightened

WASHINGTON, D.C. (NEWSCHANNEL 3) - U.S. and European officials are hoping a hit to Russia's wallet will force President Vladimir Putin to leave Ukraine alone.

The Obama administration says about 30-percent of Russia's banking sector assets are now bound by U.S. sanctions.

Sanctions are targeting five of Russia's six largest state-owned banks and aim to decrease their access to U.S. debt markets.

The west is also stopping sales to big-time Russian economic sectors.

The U.S. announced plans to block future technology sales to the oil industry and Europe approved an arms embargo.

Europe also backed sanctions against state-owned banks and the energy sector, though the specific European Union targets will not be made public until later this week.