The executive order "prohibits the export of goods, technology, or services to Crimea and prohibits the import of goods, technology, or services from Crimea, as well as new investments in Crimea,” according to the White House statement.

 

The executive order also authorises the Secretary of the Treasury to impose sanctions on "individuals and entities operating in Crimea.”

 

Obama said, "I again call on Russia to end its occupation and attempted annexation of Crimea, cease its support to separatists in eastern Ukraine, and fulfil its commitments under the Minsk agreements.”

 

The U.S. president said his administration would continue close co-ordination with its allies and partners in Europe and worldwide for working out concerted policy in response to the developments in Ukraine and in support of the country’s sovereignty and territorial integrity. "We will continue to review and calibrate our sanctions, in close coordination with our international partners, to respond to Russia's actions,” Obama’s statement reads.