Russian President Vladimir Putin, background center, heads the Cabinet meeting in the Novo-Ogaryovo residence, outside Moscow, Russia, Wednesday, July 30, 2014. The meeting focused on measures to encourage Russian companies to pull their assets back from offshore. The United States and the European Union on Tuesday announced a raft of new sanctions against Russian companies and banks over Moscow’s support for separatists in Ukraine. (AP Photo/RIA Novosti, Alexei Nikolsky, Presidential Press Service)

MOSCOW (AP) — U.S. and European sanctions against Russia’s energy and finance sectors are strong enough to cause deep, long-lasting damage within months unless Moscow persuades the West to repeal them by withdrawing support for Ukrainian insurgents.

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