February 28, 2022: -President Joe Biden said Thursday that the U.S. would introduce a new wave of sanctions against Russia in a broad effort to isolate Moscow from the global economy.

The president said that the totality of the penalties would target trillions in assets and include specific measures against Russian elites and banks, which include state-owned VTB Bank.

Biden said that the White House had authorized additional troops stationed in Germany as NATO allies look to bolster defenses in Europe.

“Today, I’m authorizing additional strong sanctions and limitations on what can be exported to Russia,” Biden said. “This is going to impose a severe cost on the Russian economy immediately and over time.”

The Treasury Department released a more detailed list of the U.S. sanctions after Biden’s speech. The department said that its restrictions would drastically undercut the ability of Russian lending giant Sberbank and VTB Bank to operate.

“Daily, Russian financial institutions conduct about $46 billion worth of foreign exchange transactions worldwide, 80 percent of which are in U.S. dollars,” Treasury said in a release. “The vast majority of those transactions will now be disrupted.”

It also said it would target families close to Russian President Vladimir Putin to pressure Moscow to end its military assault. Individuals named in the list include Putin ally and former chief of huge the Presidential Executive Office Sergei Ivanov and his son. Igor Sechin, one more of Putin’s closest allies and the CEO of Rosneft, one of the globe’s publicly traded oil companies, is being targeted along with his son.

Before Biden’s remarks, leaders of the Group of Seven nations said they “are appalled by and condemn” Russia’s military aggression in Ukraine and promised to impose “severe and coordinated economic and financial sanctions” against the Kremlin.

Like other world leaders, Biden said U.S. sanctions by the Commerce Department would restrict high-tech trade with Moscow to limit its access to semiconductors needed to manufacture artificial intelligence, aerospace, and defense hardware. The U.K. and Canada both announced crackdowns on exports to Russia on Thursday.

Biden said that if Russia conducts cyberattacks against U.S. companies or infrastructure, those actions would be met in kind. But he reiterated that the U.S. would not send troops into Ukraine.

“Our forces are not and will not be engaged in the conflict with Russia in Ukraine. Our forces are not going to Europe to fight in Ukraine, but to defend our NATO allies,” Biden said. We will “defend every inch of NATO territory with the full force of American power.”

Putin announced that Russia would launch a “special military operation” in Ukraine designed to check its military capacity and added that Moscow’s plans do not include the occupation of Ukrainian territory.

“As a result of Putin’s war of choice, Russia will face immediate and intense pressure on its economy, and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology,” the White House said in a news release.

The Biden administration noted Thursday that Russia’s economy has already faced intense stress in recent weeks amid a swoon in the ruble’s value and that its stock market sank to its lowest level in over fours years.

“With these new stringent measures,” the White House added, “these pressures will further accumulate and suppress Russia’s economic growth, increase its borrowing costs, raise inflation, intensify capital outflows, and erode its industrial base.”