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Mr. Adesnik said while the Russian penalties are toothless, the real test will be whether Mr. Putin expands sanctions to U.S. businesses such as Exxon Mobil Corp., which is working with Russian oil giant Rosneft in a deal that could greatly boost Russian revenue and help the government’s budget.

“The question is, do the Russians want to give up on that? Do they expect revenue from it?” Mr. Adesnik said.

Analysts told The Associated Press that the Russian economy, which has been slumping this year, likely could weather the sanctions Mr. Obama has announced. But what happens next is unclear.

“The main risk is in the sanctions that have not been announced,” Nataliya Orlova, chief economist at Alfa Bank in Moscow, told AP. “It’s hard to estimate the effect right now because we don’t know what they will be.”

The Russian stock market is down 10 percent for the year and, in an ominous sign, the credit ratings agency Standard & Poor’s lowered its outlook for the country from “stable” to “negative” Thursday, citing the adverse international reaction to Moscow’s move on Crimea.

“Geopolitical reaction to Russia’s incorporation of Crimea could further reduce the flow of potential investment and negatively affect already weak economic growth, which would provide a further basis for lowering the ratings,” S&P analysts wrote in explaining the downgrade.

European leaders are meeting this week to decide whether to ratchet up their sanctions, and leaders have sent mixed signals. Mr. Obama will be in Europe for a previously scheduled trip next week.

As Americans joked about the sanctions, those on the Russian side who face American penalties protested.

Vladimir Yakunin, president of Russia’s railway monopoly, said he was surprised that “a country which calls itself democratic could punish for an honest position and sincere comments,” according to a report by RT, a television network with close ties to the Russian government.

Others facing sanctions include businessmen Arkady and Boris Rotenberg; Sergei Ivanov, Mr. Putin’s chief of staff; and Sergei Naryshkin, speaker of the Duma, Russia’s lower legislative house.