"We have all seen that, from the perspective of the European Union, the United States, allies like Canada and Japan and allies and friends and partners around the world, there is a strong belief that Russia's action is violating international law," Obama told reporters in response to a question.
"I know (the Russian) President (Vladimir) Putin seems to have a different set of lawyers making a different set of interpretations, but I don't think that's fooling anybody," Obama said.
The aid package, Obama said includes a planned loan guarantee package of USD1 billion.
"It provides immediate technical expertise to Ukraine to repair its economy. And importantly, it provides for assistance to help Ukraine plan for elections that are going to be coming up very soon," he said.
"Together, the international community has condemned Russia's violation of the territorial integrity and sovereignty of Ukraine. We've condemned their intervention in Crimea. And we are calling for a de-escalation of the situation and international monitors that can go into the country right away," he said.
"I think everybody recognises that, although Russia has legitimate interests in what happens in a neighbouring state, that does not give it the right to use force as a means of exerting influence inside of that state," Obama said.
"We have said that if in fact there is any evidence out there that Russian speakers or Russian natives or Russian nationals are in any way being threatened, there are ways of dealing with that through international mechanisms," he added.
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