President Biden announced further penalties against Russian banks and leaders in the country, intensifying measures to punish Moscow for conducting a large-scale invasion of Ukraine.

“Putin is the aggressor,” he says. “Putin chose this conflict, and now he and his people will pay the price,” Mr. Biden said during a White House speech.

The president stated that the impending penalties, which he did not elaborate on, will stifle Russia’s military’s ability to grow and place constraints on the country’s greatest state-owned firms.

Mr. Biden also stated that he was keeping an eye on energy costs and that if necessary, he would release more oil from the government’s strategic store.

“Putin’s actions in Ukraine will cost Russia dearly, both economically and strategically,” he said. “We’ll make sure Putin is a pariah on the international scene.”

Mr. Biden stated that the measures announced Thursday do not include removing Russia from the Swift global payment system, citing objections from some European countries. “It’s always an option, but it’s not the position that the rest of Europe wants to adopt right now,” he said.

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