President Joe Biden vowed to impose “severe sanctions” against Russia for its invasion of Ukraine. He's expected to spell out the economic penalties in an address to the nation scheduled for Thursday afternoon.
Biden, for weeks, has promised “swift and severe costs” if Russian forces moved into Ukraine, and he made clear that the U.S. would go after Russia financially, not militarily.
Biden administration officials have described measures that would send Russia's ruble crashing, isolate Moscow from the world financial system and possibly drive the country into recession. They also have said minimizing the damage to European economies is a primary concern.
This is a live update. Click here to watch Biden's speech and for complete coverage of the crisis in Ukraine.
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