Reacting to Putin's move, Biden said his Russian counterpart has chosen a 'premeditated war that will bring a catastrophic loss of life and human suffering'
Biden said the sanctions would limit Russia's ability to do business in dollars, euros, pounds and yen
Biden's first public comment on the Russian attack is scheduled to be delivered from the East Room of the White House at 11 pm IST (12:30 pm EST), according to the White House
Russia launched a barrage of missile, artillery and air attacks early Thursday, triggering the worst security crisis Europe has witnessed in decades.
US Congress is largely backing Biden's decision to confront Russia with potentially escalating sanctions for Ukraine crisis as lawmakers brace for daunting foreign policy crisis.
After Putin announced the launch of military operations against Ukraine, President Joe Biden promised that on Thursday the US and allies would announce further consequences against Russia
US and its allies will respond in a united and decisive way to "an unprovoked and unjustified attack by Russian military forces" on Ukraine, Joe Biden said after blasts were heard in the Kyiv.
"Russia alone is responsible for the death and destruction this attack will bring," Biden said
This comes at a time when Russian President Vladimir Putin recognized the independence of two Ukraine breakaway regions which is deemed to be a breach of international law by the west.
Addressing the nation on the crisis from the White House, Biden also said Putin's moves are the "beginning of a Russian invasion".
Indian-American economic advisor Daleep Singh is leading the efforts of the Biden administration to impose punitive sanctions on Russia over its actions against Ukraine.
US President Joe Biden has announced a set of sweeping sanctions targeting Russia's ability to do business with the West
S&P 500 futures were up 0.55% in Asian trade, after U.S. President Joe Biden left the door open to diplomacy as he announced sanctions on two Russian banks and some elites close to President Vladimir
The sanctions targeted a pair of Russian banks, VEB.RF and Promsvyazbank as well as three members of Russia's elite with close ties to the Kremlin.
The measures target Russian banks and sovereign debt, among other steps
US suppliers would also have to obtain licenses for certain Russia-bound items that do not currently require them, such as civil aircraft parts
The Biden administration had in September last year, released recommendations proposing that only banks be allowed to issue stablecoins
The U.S. called his moves a pretext for a further invasion, many members condemned his violation of Ukraine's territorial integrity
Russian President Vladimir Putin ordered troops to two breakaway regions in Ukraine, sending the euro one-month volatility to its highest level since November 2020
'The US president has taken some initiative on his behalf. India wants peace to be established in any way. We are sure that when talks take place, some way or the other will come out,' said Singh