The State Department announced visa restrictions and other sanctions against individuals in the Crimea and Russia who are associated with the Russian military intervention. President Obama signed an executive order initiating the sanctions and warned that further action could be taken.

Reuters:

President Barack Obama on Thursday ordered the freezing of U.S. assets and a ban on travel into the United States of those involved in the Russian military intervention into the Crimea region of Ukraine.

Obama signed an executive order aimed at punishing those Russians and Ukrainians responsible for a Russian move into Crimea, a crisis that has raised old-style Cold War tensions.

The order, the White House said in a statement, is "a flexible tool that will allow us to sanction those who are most directly involved in destabilizing Ukraine, including the military intervention in Crimea, and does not preclude further steps should the situation deteriorate."

In addition, the State Department is putting in place visa bans on a number of officials and individuals responsible for or complicit in threatening the sovereignty and territorial integrity of Ukraine.

The order was announced as U.S. Secretary of State John Kerry began a meeting with Russian Foreign Minister Sergei Lavrov in Rome.

A senior State Department official said the United States had informed the Europeans beforehand about the sanctions.

Obama is attempting to rally global opinion against the Russian move, which Russian President Vladimir Putin says was aimed at protecting ethnic Russians in the Crimea region of southern Ukraine.

The United States wants Russian troops to return to their bases in Crimea and for Moscow to allow international monitors into the region to ensure the human rights of ethnic Russians there are protected.

"We call on Russia to take the opportunity before it to resolve this crisis through direct and immediate dialogue with the government of Ukraine," the White House said.

The Obama order targets any assets held in the United States by "individuals and entities" responsible for the Russian military intervention in Ukraine, threatening its territorial integrity or seeking to assert governmental authority over any part of Ukraine without authorization from the Ukrainian government in Kiev.

No, it isn't much, but it's just about all we can do. We don't buy oil from Russia, and there are few Russian assets in our banks to seize or freeze.

Europeans, on the other hand, buy a considerable amount of oil and gas from Russia, as well as harboring a lot of Russian assets in their banks. But the calculus of western European governments comes down to should they experience more pain themselves than inflicting on Russia when imposing sanctions? That seems to be the reason why the Europeans have been so reluctant to take any action at all.

The west isn't going to fight for Ukraine's sovereignty nor, apparently, is there much in the way of pressure on Russia via sanctions that they can bring to bear. This is now a crisis between Russia and Ukraine where Putin holds most of the cards and has all the advantages.