Today, Russian President Vladimir Puntin signed documents that formally annexed the region of Crimea, officially making it a part of Russia—at least according to Russian officials. The United States and other Western nations have said that the move was a violation of international law. In a speech prior to the signing, European Council President Herman Van Rompuy said, “Frankly speaking, I don’t care about Russia signing this deal; I care about Ukraine, Ukrainians and our European future.” He also reiterated the position that, “We strongly condemn the unconstitutional referendum in Crimea. We will not recognize the annexation, nor will we recognize it in the future.” The Obama administration announced new economic sanctions against Russia, which appear to already be having a dramatic effect. The S&P lowered the countries credit rating in light of the sanctions, and according to this report, “ $60 billion left Russia in the first three months of this year” …

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