MANILA, Philippines (AP) — President Barack Obama says the United States is levying new economic sanctions on Russian individuals and companies Monday.

Obama says the sanctions are in response to Russia’s failure to uphold an international accord aimed at stemming the crisis in Ukraine. But he acknowledged that it’s possible the sanctions won’t change Russian President Vladimir Putin’s calculus.

The specific targets are expected to be announced by officials in Washington. They’re expected to target high-technology exports to the Russian defense industry and companies controlled by those closest to President Vladimir Putin.

Obama announced the sanctions during a news conference in the Philippines, his final stop on a four-country trip to Asia.

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