President Obama made remarks outside the White House this morning on the situation in Ukraine, announcing new sanctions against Russian officials in response to the annexing of Crimea. Obama said he had issued an executive order granting authority for sanctions on "key sectors of the Russian economy." 

He admitted that such penalties could damage the global economy, but added "Russia must know that further escalation will only isolate it further from the international community." 

Obama expressed concern that Russia could move toward "further incursions" into other parts of Ukraine.

The new penalties mark the second round of economic sanctions the U.S. has issued this week. The first round of penalties -- on 11 Russian and Ukrainian officials -- had little impact in stopping Moscow from annexing the strategically important Crimean Peninsula.

Watch his remarks in the clip above.

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