In response to the escalating invasion of Ukraine on Thursday, US President Joe Biden ordered penalties against Russian assets.
The new penalties include technological export bans, which the Biden administration claims will significantly hamper Russia's capacity to progress its military and aerospace industries.
Mr. Biden delivered a national statement on the Russian invasion of Ukraine in the White House's East Room.
According to him, "Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences, he said.
In addition, Mr. Biden imposed penalties on four Russian banks, as well as "corrupt billionaires" and their families with ties to the Kremlin.
These banks, which include the country's largest bank, have assets worth more than $1 trillion.
Despite pledging a major deployment of ground and air forces to NATO's eastern border, Mr Biden emphasized that US soldiers would not participate in direct war in Ukraine.
"Our forces are not and will not be engaged in the conflict. Our forces are not going to Europe to fight in Ukraine but defend our NATO allies and reassure those allies in the east."
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