LIVE: Obama's Statement On Ukraine...

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obama putin

REUTERS/Kevin Lamarque

Red light reflected from the carpet illuminates Russian President Vladimir Putin as he passes U.S. President Barack Obama at a group photo for the 70th anniversary of the D-Day landings in Benouville June 6, 2014.

President Barack Obama will deliver a statement on the crisis in Ukraine at 2:50 p.m. ET from the South Lawn of the White House.

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Obama is expected to unveil a new round of punishing sanctions on Russia for its continued involvement in destabilizing the crisis and supporting pro-Russian separatists in the eastern regions of Ukraine. White House press secretary Josh Earnest said Tuesday the U.S.'s new sanctions would be unveiled soon, perhaps later Tuesday afternoon.

Obama's statement will come hours after the European Union agreed to impose broad economic sanctions on Russia for the first time - measures that include targeting Russian oil companies, banks and defense firms. They constitute the most extensive sanctions from the E.U. on Russia since the end of the Cold War.

The White House announced on Monday that Obama and five European leaders had agreed on the need to impose a fresh round of sanctions, as Russia continues to escalate its involvement in Ukraine. Tensions between the West and Russia have reached their most feverish point since the Cold War. Tensions heightened in the aftermath of the shooting down of Malaysia Airlines Flight 17 over rebel-held territory on July 17 by what Western countries say was a Russian-supplied missile. The crash killed all 298 passengers and crew on board.

The White House on Monday emphasized the coordination among the leaders, something that has been a sticking point between the U.S. and E.U. throughout the Ukrainian crisis. The E.U. has been more reluctant to impose sanctions because of there's a better chance of a "boomerang effect" on their economies.

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The U.S. and its allies have charged Russia with continuing to support the separatists by flowing weapons across the border, including rocket launchers, artillery pieces, tanks, and armored vehicles. Russia has continued to deny it is supporting the rebels. But in a somewhat extraordinary public rebuff, U.S. Secretary of State John Kerry on Sunday told Russian Foreign Minister Sergei Lavrov he didn't accept his denial that weapons from Russia were helping to fuel the conflict.

These will be the first sanctions leveled on Russia since July 16, the day before the downing of MH17. Those U.S. sanctions targeted targeted a series of large banks and energy and defense firms.

This post will be continuously updated as Obama speaks.

You can watch live below:

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