Earlier, President Obama made some brief remarks after approving sanctions against "individuals and entities responsible for violating the sovereignty and territorial integrity of Ukraine or for stealing the assets of the Ukrainian people.”

Krauthammer: ‘You’ve Got to Wonder What Cosmos’ Obama Is In

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.

Fox News strategic analyst Lt. Col. Ralph Peters (Ret.) responded minutes later, calling Obama's actions "shameful" and describing the president's overall policy as a "breathtaking excursion into fantasy."

"The notion that denying visas to a handful of Russian oligarchs and bureaucrats is going to change Putin's mind? I mean, Putin doesn't care if a couple of Russian billionaires can't dock their yachts in Miami," said Peters, adding that for sanctions to have any effect they need to be international and "really, really tough."

He continued that Putin has "no reverse gear" in these situations.

"Unless Putin hits a wall, he doesn't stop. And nobody is willing to erect that wall," said Peters, suggesting that the Obama administration look into killing the latest START treaty between U.S. and Russia.

But as of now, Peters pointed out, it's a "done deal" and Crimea belongs to Russia.

"The only remaining questions is how much more of Ukraine Putin will take and when he will take it," he said.

Watch the full analysis above.