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President Barack Obama on Thursday said the U.S. is preparing broader sanctions should Russia take further steps into Ukraine,. "We've been working closely with our European partners to develop more severe actions that could be taken if Russia continues to escalate the situation," Obama said in a brief statement at the White House. Obama said he signed a new executive order that gives him the power to impose sanctions on key sectors of the Russian economy. At the same time, Obama announced sanctions on additional senior Russian government officials, and a "number" of oligarchs and a bank that provides services to these wealthy businessmen. Obama urged Congress and the International Monetary Fund to move swiftly to approve aid packages to Ukraine. This in short would mean Putin gets away with annexation of CRIMEA with a slap on the wrist.