The Kremlin is not backing down in the face of new financial sanctions announced Monday against some Russian officials by President Obama. Vladimir Putin quickly approved a draft bill Tuesday morning, making the annexation of Crimea official one day after a vote in which Moscow says 97 percent of Crimeans voted to become part of Russia.

The Obama administration says the referendum is not legitimate and a violation of Ukraine's sovereignty, but Russian officials don't seem worried about the U.S. response.

"Comrade Obama, what should those who have neither accounts nor property abroad do? Have you not thought about it?" Deputy Prime Minister Dmitry Rogozin tweeted. "I think the decree of the President of the United States was written by some joker."

On the Special Report panel last night, Charles Krauthammer delivered some harsh criticism, calling Obama's actions in defense of Ukraine "humiliating."

“If he thinks that sanctioning seven Russians out of a population of, what, 150 million is a sanction, he’s living in a different world,” said Krauthammer, adding that Obama hasn't even been able to get the European Union to go along with "effective" sanctions against Moscow.

He pointed out that Ukrainian officials asked the Pentagon for weapons, but were rebuffed because the administration believes “somehow to arm the victim of aggression is a provocation,”

Watch the analysis from Charles, A.B. Stoddard and Steve Hayes in the clip above.

Read more of the latest analysis on the sanctions:

Ralph Peters: “Putin Is Playing ‘Game of Thrones’ & We’re Playing ‘Downton Abbey’

Van Susteren: ‘Putin Should Have Been First One Slapped With Sanctions’

'I Don't Think Anyone Cares': McFarland Says Russia Sanctions Won't Deter Putin