Russia: Sanctions Working

By Tracie Potts

Published 04/25 2014 11:13AM

Updated 04/25 2014 11:14AM

(NBC News)  Russia is losing money as a result of the crisis in Ukraine, and the U.S. is exerting new pressure, suggesting more sanctions could be just around the corner. 

Just this morning we learned Russia's credit rating was downgraded and investors are fleeing as sanctions from the U.S. and around the world begin to kick in.

Standard and Poors cut Russia's credit rating for the first time in five years. 

The country lost $70 billion dollars in the first quarter - more than all of last year - after sanctions from the U.S. and Europe. 

Now another round may be coming soon. 

"Let me be clear: If Russia continues in this direction, it will not just be a grave mistake, it will be an expensive mistake," Secretary of State John Kerry said Thursday.

The U.S. says there's growing evidence Russia is behind the militants taking over parts of eastern Ukraine. 

There are recorded conversations between the militants and top Russian operatives even bragging about it on social media. 

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