Washington, March 21 (IANS) US President Barack Obama Thursday announced new sanctions against senior Russian officials and a bank in a bid 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,” Xinhua quoted Obama as saying.

Washington is also imposing sanctions on a number of other individuals who provide material support to the Russian leadership, as well as a bank that provides material support to these individuals, Obama said, adding that the steps are part of the US response to Russia’s moves in Crimea.

In addition, Obama said he had signed a new executive order Thursday to impose sanctions on key sectors of the Russian economy.

The president said the new sanctions would not only have a significant impact on the Russian economy, but could also be “disruptive” to the global economy.

“Russia must know that further escalation will only isolate it further from the international community,” he added.