President Barack Obama on Thursday imposed sanctions on 20 Russian citizens as well as a bank linked to Moscow's move to annex Ukraine's Crimea region. There has been deep international tension since the referendum. Even as President Obama announced the new sanctions against Russia, he also delivered a message of hope to the people of Ukraine. He went on to note that sanctions imposed on Thursday will have significant impacts not only for the Russian economy but the global economy as well.

This article was written by a staff member of TheStreet.

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