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President Obama on Monday announced that the U.S. is imposing a new round of sanctions against top Russian officials in an attempt to spur Russian President Vladimir Putin to “walk the walk, not just talk to talk” on deescalating the crisis in Ukraine.

“The sanctions build on the ones that were already in place. We’re moving forward with expanded list of individuals,” Obama told reporters at a press conference in the Philippines. He described the move as “the next stage in a calibrated effort to change Russia’s behavior.”
The penalties will hit seven Russian government officials, including two members of Putin’s “inner circle,” according to White House press secretary Jay Carney. The Treasury Department will also freeze the assets of 17 companies linked to Putin.

All 17 companies are owned or controlled by Putin allies, a senior administration official said Monday. At least eight of the companies have ties to Gennady Timchenko, a Russian billionaire living in Switzerland with ties to Putin who had been previously targeted by sanctions efforts.

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