President Obama has issued a statement on Friday regarding the steps being taken by the United States in the wake of the downing of Malaysian Airlines Flight MH17. Obama called for an immediate ceasefire in the region among Ukraine, Russia and Russian-backed separatists, and stressed the United States' support for the people of Ukraine. On Wednesday, Obama announced new sanctions against Russia for its escalating involvement with Ukraine, targeting Russian banks, energy and defense entities. The president said he expected the sanctions would weaken the Russian economy and further isolate the country. TheStreet's Brittany Umar has details.

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