President Barack Obama makes a statement on Ukraine on March 20, 2014, on the South Lawn at the White House in Washington before departing for Florida.
President Barack Obama said on Thursday that the United States is levying a new round of economic sanctions on individuals in Russia, both inside and outside the government, in retaliation for the Kremlin's actions in Ukraine.
Obama says he has also signed a new executive order that would allow the US to sanction key sectors of the Russian economy.
The new penalties mark the second round of economic sanctions the US has levied on Russia this week. The first round of penalties had little impact in stopping Moscow from annexing the strategically important Crimean Peninsula from Ukraine.