President Obama has vowed to sign a new round of sanctions against Russia over its role in Ukraine. The move comes as Russia’s currency, the ruble, has plunged. Jason Furman, chair of the White House Council of Economic Advisers, said U.S. sanctions are having an impact.

Jason Furman: “I mean, if I was chairman of President Putin’s Council of Economic Advisers, I would be extremely concerned. They are between a rock and a hard place in economic policy. The combination of our sanctions, the uncertainty they’ve created for themselves with their international actions and the falling price of oil has put their economy on the brink of crisis.”