United States President Joe Biden has announced sanctions targeting Russian assets in response to the expanded invasion of Ukraine on Thursday.

The announced sanctions include export blocks on technology, which the Biden administration said would severely limit Russia’s ability to advance its military and aerospace sector.

Mr Biden appeared in the East Room of the White House to deliver a national address on the Russian invasion of Ukraine.

“Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences,” Mr Biden said.

Mr Biden also applied sanctions on four Russian banks and “corrupt billionaires” and their families who are close to the Kremlin. These banks hold over $1 trillion in assets, including the country’s largest bank. 

Mr Biden reiterated that U.S. troops would not engage in direct conflict in Ukraine, despites announcing a new deployment of ground and air forces to NATO’s eastern flank.

“Our forces are not and will not be engaged in the conflict,” he said. “Our forces are not going to Europe to fight in Ukraine but defend our NATO allies and reassure those allies in the east.”

The United States joins the United Kingdom in announcing measures targeting dozens of Russian banks, businesses and wealthy elites and banning Russia’s national airline Aeroflot from the country’s airspace.