Sal Risalvato, executive director of the New Jersey Gasoline, C-Store, Automotive Association, told NJ.com he disagreed with the action, saying "these guys are not Russia."
New Jersey lawmakers intend to pass a bill within the next week prohibiting the state and local governments from doing business with companies or banks with Russian interests.
A Malaysia Airlines jet carrying nearly 300 people crashed near the border between Russia and Ukraine, according to Reuters and Interfax. The airline company has confirmed that it has lost contact with the plane, a Boeing 777.
Seeking to intensify pressure on Russia, President Barack Obama on Thursday expanded U.S. economic sanctions against Moscow, targeting 20 individuals inside and outside the government, as well as a Russian bank that provides them support.
In the most comprehensive sanctions against Russia since the end of the Cold War, President Barack Obama on Monday froze the U.S. assets of seven Russian officials, including top advisers to President Vladimir Putin, for their support of Crimea's vote to secede from Ukraine.
Just two weeks after Russian troops seized their peninsula, Crimeans voted Sunday to leave Ukraine and join Russia, overwhelmingly approving a referendum that sought to unite the strategically important Black Sea region with the country it was part of for some 250 years.
Russia on Saturday was reported to be reinforcing its military presence in Crimea as Moscow's foreign minister ruled out any dialogue with Ukraine's new authorities, whom he dismissed as puppets.