The U.S. and Europe announced a series of sanctions targeting individuals whom they see as having played a key role in the referendum in Crimea. In a statement, President Obama said the U.S. is authorizing sanctions on key Russian officials and that “Today’s actions send a strong message to the Russian government that there are consequences for their actions that violate the sovereignty and territorial integrity of Ukraine, including their actions supporting the illegal referendum for Crimean separation.” The EU has also announced it will temporarily remove customs duties on Ukrainian exports to the EU. Anders Åslund, a senior fellow at the Peterson Institute for International Economics, explains the impact of the sanctions on the Russian economy.