"Last year, as we were doing the hard work of imposing sanctions along with our allies, some suggested that Mr. Putin's aggression was a masterful display of strategy and strength,” Obama said.

“Well, today, it is America that stands strong and united with our allies, while Russia is isolated, with its economy in tatters."

According to Obama, the United States was able to uphold the principle that "bigger nations cannot bully the small by opposing Russian aggression, supporting Ukraine's democracy, and reassuring our NATO allies."