Receive Breaking News updates as they occur
By Steve Holland and Anna Yukhananov WASHINGTON (Reuters) - President Barack Obama escalated U.S. economic sanctions against Russia on Tuesday for its aggression against Ukraine but dismissed suggestions the growing chill in U.S.-Russian relations marked the start of a new Cold War. The United States and the European Union, in a carefully coordinated action, announced targeted new sanctions against Russian banks, energy and defense firms. It was the West's most serious response yet to what it calls Russian instigation of and continuing support for the separatist uprising in the east and the shootdown of a Malaysian passenger jet on July 17 over eastern Ukraine. Obama, speaking at the White House, said the sanctions would have a "greater impact on the Russian economy than we've seen so far" in a drive to force Moscow to stop backing the separatists.