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Russia Threatened with More Sanctions over Ukraine

01-27-2015

European Union leaders are threatening more sanctions against Russia because of what they see as Moscow's growing support for fighters in eastern Ukraine.

The move comes after Standard & Poor's downgraded Russia's credit rating to "junk" level Monday. It's the first time Russia's credit rating has been that low in more than a decade.

Russia has been hurt not only by sanctions but also by the sharp drop in oil prices in recent months. The country makes much of its money from selling oil.

Its currency, the ruble, has also plunged in international trading.

Meanwhile, the FBI said it has broken up a Russian spy ring in New York City.

Agents picked up Russian banker Evgeny Buryakov Monday morning. Two others will be charged Tuesday.

The indictment says Buyakov spent two years spying on American businessmen and trying to recruit other spies to help.

It's been five years since authorities busted Russian spy Anna Chapman and others for similar crimes.

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