President Barack Obama has signed an order for authority to impose sanctions on segments of Russia’s economy in response to its annexation of Crimea.
“Diplomacy between the U.S. and Russia continues. We’ve emphasized that Russia still has a different path available,” Obama said on Thursday. “We want the Ukrainian people to determine their own destiny and to have good relations with the United States, Russia, Europe, with anyone they choose.”
(Read more: Ukraine: What nextfor battered economy?)
Earlier, Obama ruled out U.S. military involvement in Ukraine, but said the U.S. will push diplomatic efforts to bring pressure on Russia to loosen its grip on Crimea.
“There is a better path, but I think even the Ukrainians would acknowledge that for us to engage Russia militarily would not be appropriate and would not be good for Ukraine either,” Obama said on Wednesday.
(Read more: US warns Moscow is on ‘dark path’ to isolation)
The U.S. and EU have already imposed sanctions on Russian officials.
Secretary of State John Kerry told reporters Thursday he hopes to meet Russia’s top diplomat next week in Europe to discuss the Ukraine crisis.
—By CNBC with wires