In response to Russia's move to annex Crimea, President Obama announced today that the U.S. is imposing additional sanctions on 20 Russian officials and members of President Putin's inner circle as well as a Russian bank.

Speaking at the White House, the president said the sanctions were a result of "choices that the Russian government has made, choices that have been rejected by the international community as well as the government of Ukraine."

"Because of these choices, the United States is today moving, as we said we would, to impose additional costs on Russia," he added.

Those hit with sanctions include some of Putin's closest allies and friends and many who do business outside Russia, including Yury Kovalchuk, the leader of Bank Rossiya.

Obama said he also signed an executive order that allows the U.S. to impose sanctions, not just on individuals, but key sectors of the Russian economy.

"This is not our preferred outcome," he said. "These sanctions would not only have a significant impact on the Russian economy, but could also be disruptive to the global economy. However, Russia must know that further escalation will only isolate it further from the international community."

The economic penalties announced today follow a first round of sanctions announced earlier in the week that targeted 11 Ukrainian and Russians involved in the crisis in Ukraine.

Obama reiterated that Russia still has a diplomatic path available, one that would de-escalate the situation with the support of the international community.

ABC News' Kirit Radia contributed to this report.

Credit: ABC News