Russia Banned From G-8 Summit

Vladimir Putin responded to the ban with sanctions of his own.
3:00 | 03/21/14

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Transcript for Russia Banned From G-8 Summit
inoperability at this point. The tense standoff over the Ukraine crisis. Vladimir Putin firing back after president Obama announced a new round of U.S. Sanctions against Russia on Thursday. ABC's Jon Karl is here in the studio with us and has the latest. This is really escalating. I'll tell you something, after the president announced the new sanctions, the Russian tock market took a dive and although Vladimir Putin responded with sanctions of his own, this morning he seems to be saying enough enough. This time president Obama is going right at president Putin aiming sanctions at his chief of staff, his billionaire friends and a bank so tied to Putin's associates it could be called Putin's piggy bank. These are all choices that the Russian government has made, choices that have been rejected by the international community as well as the government of Ukraine. Reporter: The move comes amid reports Russia has amassed some 20,000 troops on its border with Ukraine, a move president Obama warned could be a sign Putin may be about to go further. The world is watching with grave concern as Russia has positioned its military in a way that could lead to further incursions. Reporter: But right as president Obama was speaking Putin slapped his own sanctions including a ban on traveling to Russia on nine top U.S. Officials including two Obama aides and republicans John McCain and speaker of the house John Boehner. McCain mocked the Russian move tweeting "I guess this means my spring break in siberia is off. "This morning, however, he said Russia should avoid further retaliation but plan to open a new account at that bank sanctioned by the United States. He made it clear he doesn't want the Ukraine dispute to further hurt Russia's relations with the United States but there is no indication he is backing down on the military takeover of crimea. As he goes in with those troops in eastern Ukraine, all bets are off. All bets are off. There are 20,000 of those troops on the border. The U.S. Is very worried about that.

This transcript has been automatically generated and may not be 100% accurate.

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