The United States and allies have imposed new sanctions to punish President Vladimir Putin for ordering a full-scale invasion of Ukraine. “Putin is the aggressor. Putin chose this war,” the US president said. “And now he and his country will bear the consequences.”

The sanctions target Russia’s largest banks and companies, cutting them off from western financial markets, while imposing export controls and sanctioning Russian oligarchs and their families.

Two senior officials said they do not expect the Russian Energy Giant Rosneft to be a target of the new sanctions package. The primary concern, however, lies with global energy markets and the financial institution.

President Biden said that the totality of the penalties will target trillions in assets and include specific measures against Russian elites and banks, including the state-owned VTB Bank.

Biden has also authorized additional troops to be stationed in Germany as NATO allies looked to bolster defenses in Europe.

“Today I am authorizing additional sanctions and new limitations on what can be exported to Russia. This is going to impose a severe cost on the Russian economy both immediately and over time.” Biden notes.

“I just spoke with the G7 leaders this morning and we are in full and total agreement: we will limit Russia’s ability to do business in dollars, euros, pounds, and yen to be a part of their global economy,” Biden added.

Meanwhile, viewers, Treasury Department said in a release that its restriction will drastically undercut the ability of Russia’s lending giant Sberbank and VTB Bank to operate.

“On a daily basis, Russian financial institutions conduct about $46 billion worth of foreign exchange transactions globally, 80% of which are in U.S. dollars. The vast majority of those transactions will now be disrupted,” the statement said

The release also stated that the proposed disruption will target families close to President Vladimir Putin to put pressure on Moscow to end its military assault.