According to a White House statement issued Friday, Obama's executive order "prohibits the export of goods, technology, or services to Crimea and prohibits the import of goods, technology, or services from Crimea, as well as new investments in Crimea".
The executive order "also authorizes the Secretary of the Treasury to impose sanctions on individuals and entities operating in Crimea", the statement said.
On Thursday, EU leaders agreed to amend a regulation, concerning Europe's restrictive measures introduced in response to Crimea's reunification with Russia.
The amendment stipulates a ban on all foreign investments in Crimea or Sevastopol.
Crimean voters backed reunification with Russia by an overwhelming 96 percent majority in a referendum held on March 16. Russia's reunification with its former republic led to a current political standoff between Moscow and largely pro-Kiev Western countries that have refused to recognize the legitimacy of the vote.
The West has also been accusing Russia of supporting independence fighters in Ukraine's southeastern regions of Donetsk and Luhansk, where Kiev forces launched a special military operation in mid-April in response to local residents" refusal to recognize the country's new government. However, no factual evidence has been provided that would support claims of Russia aiding LPR and DPR fighters.
The United States, the European Union and their allies have adopted several rounds of sanctions against Russia over Moscow's alleged role in the Ukrainian crisis. The sanctions target Russia's banking, energy and defense sectors, as well as certain individuals.
