President Obama and the European Union both introduced new sanctions against Russia on Thursday. Russia announced it had imposed entry bans on U.S. officials.
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The European Union has slapped sanctions on 12 more people linked to Russia's annexation of Crimea from Ukraine, bringing the number of people facing EU sanctions to 33.
The 28-nation bloc did not immediately release the names of those it had targeted Thursday with travel bans and asset freezes, but they are expected to close in on members of President Vladimir Putin's inner circle to punish him in the escalating Ukrainian crisis.
Earlier in the day, the EU leaders also announced plans to scrap a scheduled EU-Russia summit in June as part of the intensifying standoff over Ukraine, which has turned into one of the biggest political crises in Europe since the Cold War.
Russia says it has imposed entry bans on nine U.S. lawmakers and officials in retaliation to Washington's sanctions over Crimea.
The Russian Foreign Ministry on Thursday released the list that includes John Boehner, the speaker of the House of Representatives, Robert Menendez, the head of the Senate Foreign Affairs Committee, other senators and administration officials.
The move came minutes after President Barack Obama introduced a new round of U.S. sanctions.
Seeking to intensify pressure on Russia, President Barack Obama on Thursday expanded U.S. economic sanctions against Moscow over its actions in Ukraine, targeting President Vladimir Putin's chief of staff and 19 other individuals as well as a Russian bank that provides them support.
Obama, warning of more costs to come for the Kremlin if the situation worsens, said he also signed an executive order that would allow the U.S. to penalize key sectors of the Russian economy. Officials said Obama could act on that authority if Russian forces press into other areas of Ukraine, an escalation of the crisis in Crimea.
The president said the latest penalties were the result of "choices the Russian government has made, choices that have been rejected by the international community."
"Russia must know that further escalation will only isolate it further from the international community," Obama said, speaking from the South Lawn of the White House.
European Union leaders, too, said they would expand the number of people targeted with various sanctions and indicated they would cancel an EU-Russia summit. Chancellor Angela Merkel told the German parliament that if the crisis deepens in Crimea and Ukraine, the EU is prepared to move to economic sanctions on a higher level.
Those named in the sanctions Thursday include Sergei Ivanov, Putin's chief of staff and a longtime associate, as well as Arkady Rotenberg and Gennady Timchenko, both lifelong Putin friends whose companies have amassed billions of dollars in government contracts.
Also sanctioned: Bank Rossiya, a private bank that is owned by Yuri Kovalchuk, who is considered to be Putin's banker.
The U.S. sanctions followed a first round of U.S. economic penalties ordered earlier in the week on 11 people the U.S. said were involved in the dispute in Ukraine. Russia moved its military into Ukraine's Crimean Peninsula three weeks ago and has since formally annexed the strategically important region into its borders.
The U.S. has declared Russia's incursion into Crimea a violation of international law and does not recognize its annexation of the peninsula.
Still, U.S. officials privately acknowledge that Russia is unlikely to give up Crimea. Instead, their top priority is keeping Russia from moving into other areas of Ukraine with pro-Russian populations.
"The world is watching with grave concern as Russia has positioned its military in a way that could lead to further incursions into southern and eastern Ukraine," Obama said.
Senior administration officials said the individuals targeted by Thursday's sanctions will have assets frozen in the United States, will be barred from doing any business in the U.S. and will be unable to make transactions in American dollars. The officials said some of those sanctioned are close associates of Russian President Vladimir Putin.
Putin has not been personally targeted by the first two rounds of U.S. sanctions. American sanctions on heads of state are rare, largely reserved for instances where the U.S. is seeking a change in government leadership.
Associated Press writer Lynn Berry contributed from Moscow.