Speaking in The Hague, the President said he was encouraged by the willingness of EU countries to consider sanctions that could possibly hurt them as well. The US has already imposed sanctions on Russian individuals after Moscow annexed Crimea earlier this month.
The President, who is attending a meeting of G7 countries, said the annexation was not a "done deal" as the international community had not recognized it but admitted, "The facts on the ground are that the Russian military controls Crimea." He expressed concern about the large numbers of Russian troops massed on the border but did say that Russia has the right to deploy troops on its own territory.
Also on Tuesday evening, there were reports that Russian troops had seized the last remaining Ukrainian warship in Crimea. A Ukrainian defense spokesman said a Russian-flagged tugboat was towing away the minesweeper Cherkassy. Russian forces seized the last military base under Ukrainian control in the region, in Feodosia, on Monday.
Concerns about possible tougher sanctions have been adding to worries over Russia's economy. According to the country's deputy economy minister, capital flight this year is expected to reach $70 billion by the end of March, meaning more money has left Russia in the last three months than in the whole of 2013.
Some foreign investors now think Moscow seems to be prioritizing geopolitics and nationalistic fervor over stable markets.
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