President Obama announced that he signed an executive order authorizing sanctions on “individuals and entities responsible for violating the sovereignty and territorial integrity of Ukraine or for stealing the assets of the Ukrainian people.”

INSTANT REACTION: Ralph Peters Calls Sanctions 'Breathtaking Fantasy'

The State Department has put in place restrictions on the travel of certain individuals and officials. The president said these decisions are part of the efforts to impose a cost on Russia and those responsible for the situation on Crimea.   

President Obama stated, "Any discussion about the future of Ukraine must include the legitimate government of Ukraine. In 2014 we are well beyond the days when borders can be redrawn over the heads of democratic leaders."

More on the crisis in Ukraine from Fox News:

Judge Nap: 'Obama Admin Fomented the Protests in Ukraine'

WATCH: Russia Today Anchor Quits on Air in Protest to Ukraine Coverage

Ron Paul: US Aid Package to Ukraine Is Wasteful