Obama said if anyone in Russian leadership thought they could drive wedge between the Europe and the United States through its aggression, "they clearly miscalculated."
Introduced last week by the committee Chairman it promotes Ukraine's sovereignty and democratic institutions while sanctioning those who have sought to undermine it's independence and stability
Authorities in Ukraine have come under criticism for their often-hesitant reaction to Russia's annexation of Crimea, which was formalized following a hastily organized referendum this month.
Earlier this month, Russia staged a military exercise involving 8,500 soldiers near its border with Ukraine after the toppling of that country's pro-Moscow president Viktor Yanukovych amid a popular uprising and violent street clashes.
The Senate and House appear headed for a standoff over competing bills to authorize sanctions on Russia and provide aid to Ukraine, potentially prolonging Congress' inaction over the two weeks since Russian President Vladimir Putin's military intervention in the Crimean peninsula.
Western officials are now focussed less on persuading Putin to relinquish Crimea - a goal that seems beyond reach - than on deterring him from seizing other parts of Ukraine.
Cooperation between Kiev and the magnates in Yanukovich's native Donetsk and the wider Donbass coalfield would make it harder for Moscow to present any military intervention as humanitarian help and less likely it would be widely welcomed.
The Ukrainian flag and its marine standard fly alongside the Russian tricolour put up by the forces who seized the base of the 1st Separate Marine Battalion, Ukraine's top military unit, earlier this month, as Russia took over the Black Sea peninsula.
Russia had raised concerns about the situation in Russian-speaking south-eastern regions including the Black Sea peninsula of Crimea.
Putin has mocked the punitive steps President Barack Obama has taken so far in their post-Cold War game of chess — or chicken.
Obama would be accompanied by Secretary of State John Kerry, during his week-long trip to The Hague, where he would attend the Nuclear Security Summit and a G-7 meeting
Concerns about possible Russian retaliation "helped shape the discussions about appropriate sanctions" within the White House, said a senior US official, speaking on condition of anonymity. "There's an awareness that even targeted sanctions can have broad effects."
Speaking to CNN's Christiane Amanpour Swedish Foreign Minister Carl Bildt termed Putin's involvement in Crimea as the 'opening game'.
Lew also threatened to designate entities and individuals in key sectors of the Russian economy, such as financial services, energy, metals and mining,engineering, and defense and related materiel.
A look at Obama's advisers and the US lawmakers targeted by Russian sanctions
Moscow's action followed US sanctions on Russian, Ukrainian and Crimean individuals announced by President Barack Obama on Monday and again on Thursday.
The Indian silence over the Crimean/Ukrainian issue connotes that India wants to maintain an ambiguous position on this issue, as is conveyed by the official Indian response after the Putin-Singh telephonic conversation initiated at the behest of the Americans.
Russian foreign ministry refused to comment while a spokesman for the Russian defence ministry was not available for comment.
Earlier this week, the EU and the United States slapped sanctions on certain individuals that were involved in what they say was the unlawful referendum in Crimea over joining Russia.
Russia's lower house of parliament plans to ratify the treaty on Thursday, and to adopt legislation to make Crimea and Sevastopol regions of Russia. The upper house plans to do the same on Friday.