CNN "CNN Newsroom" - Transcript: Crimean Crisis

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COSTELLO: Welcome back to our coverage of that missing Malaysian airliner in just a minute. But, first, tension is mounting on Ukraine's Crimean peninsula. Russian state-run media reports that Crimean authorities have seized oil and gas fields and offshore Ukrainian assets. This as officials prepare for Sunday's referendum. Voters in Crimea are poised to decide whether the region will unite with Russia or remain part of Ukraine.

Senator John McCain told CNN he thinks Crimea is already in Russia's grip for good. McCain is leading a group of senators on a trip to Ukraine this weekend.

One of those senators, Chris Murphy of Connecticut, joins me now from Washington.

Good morning, sir.

SEN. CHRIS MURPHY (D), CONNECTICUT: Good morning.

COSTELLO: What are you guys hoping to accomplish by going to Ukraine?

MURPHY: Well, I think the first thing we hope to accomplish is show the new Ukrainian government they have strong U.S. support in conjunction with our allies. The fact is that no matter what happens ultimately to Crimea, that's only about 5 percent of the country. If we can solidify the rest of Ukraine on a pathway to joining with the European Union, that is a serious blow to Russia.

And so, they need right now some pretty significant economic support. We passed a bill out of the foreign relations committee that would deliver the chunk of that from the United States. We're hoping to go to talk about what else we can do to not only react to the Russian incursion on Crimea, but also to support and help prop up this new government in Kiev.

COSTELLO: Do you think the vote that's supposed to take place will be fair?

MURPHY: It's a total sham of a vote. I mean, you know, it's ridiculous to think that you can have a free and fair vote at a time when your country is being occupied, when guns are literally being held to the heads of voters. And Russian propaganda is flooding the airwaves. I mean, Ukrainian television has been shut down and replaced with Russian government-led propaganda television.

So, the idea that this is a referendum that anyone should pay attention to is absolutely ridiculous. Prime Minister Yatsenyuk, the new prime minister of Ukraine, is here and he will have a strong message from the United States from the top on down that no one in the international community should recognize this absolute fraud of a referendum.

COSTELLO: OK. So we'll assume the referendum is going to go Russia's way, right? President Obama had promised --

MURPHY: Yes. I think that's pretty good bet.

COSTELLO: I think that's a pretty good bet. So, President Obama has promised consequences if Russia doesn't pull out of Crimea. A lot of people wonder if that threat is real. Is there really anything the U.S. can do?

MURPHY: Well, there's absolutely steps that the United States, in conjunction, with Europe can take. But let's be honest. I mean, Putin marched on Crimea because he doesn't believe that the United States and Europe are going to stand together to exact consequences on the Russian economy.

I think we're going to prove him wrong. I think we with Europe have the ability to freeze bank assets, to take sanctions on the big petro chemical companies in Russia and essentially bring that economy to its knees over a period of time, which can make him rethink his decision in Crimea. He's had a history in other types of incursions like this, like in Georgia in 2008, marching in and then after the international pressure was ratcheted up, marching back in part.

I think that's our hope right now, is that these economic consequences can, maybe not in the next several weeks but over the course of the next several months make him change his mind.

COSTELLO: Well, isn't the question remains, will Europe go along with these sanctions?

MURPHY: I think it's an open question. And, you know, Europeans have been concerned about the quality of the transatlantic relationship over the past several months, especially with these allegations of spying on European governments.

Well, here's their chance to prove that this is still relationship and alliance worth investing. I get it that if the Germans were to cut off gas imports from Russia, that would hurt the German economy.

Ultimately, you don't stop Putin now, you have to ask who is next. It was ridiculous to think that Russia would march on Ukraine five years ago. Five years from now, we have no idea who may be in his sights in Europe.

COSTELLO: Well, hopefully you'll check back with us when you get back from the Ukraine.

Senator Christopher Murphy, thank you so much for joining me.

MURPHY: Thanks for having me.

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