President Obama announced new economic sanctions against Russia on Tuesday, putting significant restraints on American exports and trade relationships with Russian companies.

Tuesday's announcement comes as European leaders also increase their pressure on Russia, as violence continues in Ukraine between government forces and Russian-backed separatists.

"Today Russia is once again isolating itself from the international community, setting back decades of genuine progress. And it doesn't have to come to this," Obama said.

The president repeated America's support for the Ukrainian people, while calling on Russia and President Vladimir Putin to sever its relationships with separatists inside Ukraine.