The United States and European Union have imposed more sanctions on Russia for its actions in Ukraine, and the Kremlin is promising a "painful" response.
The EU will not publish the names of the 15 individuals it is targeting for travel bans and asset freezes until Tuesday.
But the United States said the seven officials and 17 companies it is targeting include President Vladimir Putin's envoy to Crimea; the chief of the service protecting the Russian president; and the head of Rosneft, Russia's largest state-owned oil producer.
Russian Deputy Foreign Minister Sergei Rybakov expressed "disgust" at the new U.S. sanctions. He told Russian media they are based on "completely distorted" ideas of what is happening in Ukraine. Rybakov said Russia's response will be felt "painfully" in Washington.
U.S. President Barack Obama said Monday the goal of the sanctions is not to go after Mr. Putin personally, but to encourage him to "walk the walk and not just talk the talk" to resolve the crisis in Ukraine with diplomacy.
Mr. Obama said Ukraine has abided by an international agreement reached in Geneva earlier this month to end the crisis, but that Russia has not. The president said if Russia shows further aggression against Ukraine, the United States could place broader sanctions against sectors such as banking or the defense industry.
The head of Russia's Rosneft oil company, Igor Sechin, promised that the sanctions imposed on him will not affect Rosneft's cooperation with shareholders and partners, including American interests.
The oil giant announced earlier Monday that it has approved joint projects with U.S. oil giant ExxonMobil to develop hydrocarbon reserves in the Arctic. Rosneft also has close ties to Britain's BP, which owns about 20 percent of the company.
BP says it remains committed to its investment in Rosneft.
(OPTIONAL OBAMA SOUNDBITES)
"The goal here is not to go after Mr. Putin personally. The goal is to change his calculus with respect to how the current actions that he is engaging in in Ukraine could have an adverse affect on the Russian economy over the long haul, and to encourage him to actually walk the walk and not just talk the talk when it comes to diplomatically resolving the crisis in Ukraine."
"There is a path here to resolve this, but Russia has not yet chosen to move forward, and these sanctions represent the next stage in a calibrated effort to change Russia's behavior."