U.S. and European Union Announce Greater Sanctions on Russia

Yesterday, President Obama announced new sanctions against Russia, as did the European Union.  Additional sanctions were created in order to further pressure Russia to not continue it's support of the separatist violence in Ukraine.  The sanctions to be enforced target vital areas in Russia's government: energy (including oil and gasoline), a ban on arms sales, and also affects finance and banking.  Talk of another Cold War has aroused, however Obama rejects the idea and instead calls it a "case of the United States and allies seeking to block one country from trying to dominate another." (Stusinski article) Obama warns that if Russia still refuses to comply, more sanctions are to come.  
Article:
http://www.inquisitr.com/1381065/obama-announces-new-sanctions-on-russia-says-this-is-not-a-new-cold-war/  
Video:
http://news.yahoo.com/video/obama-announces-u-sanctions-against-201430378.html
Questions for Discussion:
-Do you think that the U.S. needs to get so involved with this issue? Why or why not?
-Is the concept of a new Cold War arousing from these sanctions a possibility to you?
-Do you think these new sanctions will make any impact of Russia and their actions in Ukraine? For better or for worse?