The Obama administration announced $1 billion in economic and energy aid to Ukraine on Tuesday, part of its emerging response to Russian military activity in Crimea.

President Obama, aides, and allies are also considering a number of economic sanctions against Russia for its incursion into the Crimea region.

In a statement, the White House said it has been working with allies "to develop an assistance package that will provide rapid financial and technical assistance to help Ukraine restore economic stability and conduct free, fair, and inclusive new elections that will allow the Ukrainian people to continue to make democratic choices about their future."

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