THE PRESIDENT: Good morning, everybody. I wanted to provide an update on the situation in Ukraine and the steps that the United States is taking in response.
Over the last several days, we've continued to be deeply concerned by events in Ukraine. We've seen an illegal referendum in Crimea; an illegitimate move by the Russians to annex Crimea; and dangerous risks of escalation, including threats to Ukrainian personnel in Crimea and threats to southern and eastern Ukraine as well. 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. And because of these choices, the United States is today moving, as we said we would, to impose additional costs on Russia.
Based on the executive order that I signed in response to Russia's initial intervention in Ukraine, we're imposing sanctions on more senior officials of the Russian government. In addition, we are today sanctioning a number of other individuals with substantial resources and influence who provide material support to the Russian leadership, as well as a bank that provides material support to these individuals.
Now, we're taking these steps as part of our response to what Russia has already done in Crimea. At the same time, the world is watching with grave concern as Russia has positioned its military in a way that could lead to further incursions into southern and eastern Ukraine. For this reason, we've been working closely with our European partners to develop more severe actions that could be taken if Russia continues to escalate the situation.
As part of that process, I signed a new executive order today that gives us the authority to impose sanctions not just on individuals but on key sectors of the Russian economy. This is not our preferred outcome. 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 basic principles that govern relations between nations in Europe and around the world must be upheld in the 21st century. That includes respect for sovereignty and territorial integrity -- the notion that nations do not simply redraw borders, or make decisions at the expense of their neighbors simply because they are larger or more powerful.
One of our other top priorities continues to be providing assistance to the government of Ukraine so it can stabilize its economy and meet the basic needs of the Ukrainian people. As I travel to Europe next week to meet with the G7 and other European and Asian allies, I once again urge Congress to pass legislation that is necessary to provide this assistance -- and do it right away. Expressions of support are not enough. We need action. I also hope that the IMF moves swiftly to provide a significant package of support for Ukrainians as they pursue reforms.
In Europe, I'll also be reinforcing a message that Vice President Biden carried to Poland and the Baltic states this week: America's support for our NATO allies is unwavering. We're bound together by our profound Article 5 commitment to defend one another, and by a set of shared values that so many generations sacrificed for. We've already increased our support for our Eastern European allies, and we will continue to strengthen NATO's collective defense, and we will step up our cooperation with Europe on economic and energy issues as well.
Let me close by making a final point. Diplomacy between the United States and Russia continues. We've emphasized that Russia still has a different path available -- one that de-escalates the situation, and one that involves Russia pursuing a diplomatic solution with the government in Kyiv, with the support of the international community. The Russian people need to know, and Mr. Putin needs to understand that the Ukrainians shouldn't have to choose between the West and Russia. We want the Ukrainian people to determine their own destiny, and to have good relations with the United States, with Russia, with Europe, with anyone that they choose. And that can only happen if Russia also recognized the rights of all the Ukrainian people to determine their future as free individuals, and as a sovereign nation -- rights that people and nations around the world understand and support.
Thank you very much, everybody.