It seems the media has been enthralled by the search for MH370, the Malaysian Airlines plane which has disappeared in or around the Pacific Ocean. With all due respect to the news media, this story seems to be inappropriately overshadowing President Obama’s announcement earlier this week that the United States would level sanctions against President Vladimir Putin and Russia because of the “assimilation” of the Crimea region into the Russian Federation.

“The United States and Europe earlier imposed travel bans and froze assets of senior Russian and Crimean officials,” the CNN article reports. Above and beyond those mutually agreed upon sanctions, the Obama administration has banned entry by any Russian government official or any individual with sufficient financial ties to “11 people, including advisers to Russian President Vladimir Putin.” Not only has entry into the country been banned, but that same class of individuals has had any of their United States-held assets frozen.

The classification of “officials + 11 influential people” recognizes that many of the more powerful individuals in Russia are not high-level government officials, but are rather friends or associates of Vladimir Putin. The article indicates that the list could be expanded as more “cronies” are identified.

Increased sanctions could come “if Russia moves to annex Crimea or moves further militarily into Ukraine.” The United States and many European countries have publically declared that they will not recognize a referendum passed in Crimea intended to bring the region into the fold of the Russian Federation. The anti-Russian party within Ukraine has also stated that the referendum has no legally binding effect because it violates Ukraine’s constitution.

“Under the current [sanctions] authority, the United States can go after any institution, bank or energy company that invests in Crimea.”

Even if the Obama administration ramps up the sanctions being leveled against Russia, the article concludes by reminding readers that economic sanctions of the kind being discussed do not work overnight. The situation between Russia and the United States will likely get worse before it gets better.