President Barack Obama announced a new set of sanctions on Russian officials on Thursday during a brief address on the White House South Lawn.
“We are today sanctioning a number of individuals with substantial resources and influence,” Obama said, announcing his third executive order targeting Russian President Vladimir Putin's government this month.
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"Russia must know that further escalation will only isolate it further from the international community," Obama said.
Twenty Russian individuals are now on the U.S. sanctions list, which includes a number of Russian government officials, aides and what one senior U.S. official called "cronies" on a call with reporters shortly after Obama's address. It includes the Rotenberg brothers, billionaires who benefited tremendously from the Sochi Olympics earlier this year, a man rumored to be "Putin's personal banker," and Andrei Fursenko, President Putin's aide.
The sanctions also target a financial institution, Bank Rossiya, which one senior U.S. official identified as a "crony bank" that handles the funds for a number Russian officials and wealthy individuals in the country. The official said the new sanctions means the bank will be "frozen out of the dollar."
Obama concluded his remarks and left the White House in Marine Force One. He is headed to Orlando and Miami to discuss the economy with college students and local workers.
Russia, strangely, responded with sanctions of its own less than one hour later.
The nine U.S. officials sanctioned by the Kremlin include U.S. Sen. John McCain, U.S. House Speaker John Boehner, U.S. Senate Majority Leader Harry Reid, U.S. Sen. Robert Menendez and U.S. Sen. Mary Landrieu.
A spokesperson for Speaker Boehner says of the news, "The Speaker is proud to be included on a list of those willing to stand against #Putin’s aggression.”
Senator Menendez tweeted, "I'll take it."
If standing up for #democracy & sovereignty in #Ukraine means I'm #SanctionedByPutin, I'll take it.
— Sen. Robert Menendez (@SenatorMenendez) March 20, 2014
The new sanctions come as the Russian parliament earlier Thursday voted 443 to 1 to approve a treaty that annexes the Black Sea peninsula of Crimea from Ukraine, bringing it one step closer to the Russian Federation.
"I am certain that passing the document will become a turning point in the destiny of multi-ethnic nations of Crimea and Russia, who are related with close ties of the historical unity," Russian Foreign Minister Sergey Lavrov said as he urged lawmakers to adopt the treaty.
Applause broke out in the Duma when it did.

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