Russia-Ukraine crisis: US President Joe Biden hits Russia with new sanctions for 'premeditated' Ukraine attack

U.S. President Joe Biden hit Russia with some of the broadest and toughest financial penalties that the world's biggest economy can muster on Thursday, hours after President Vladimir Putin launched his military's invasion of Ukraine.

Biden said that Russian leader Vladimir Putin chose this war and that his country will bear the consequences of his action.

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The sanctions target Russian banks, oligarchs, and high-tech sectors, Biden said. The United States and its allies will block assets of four large Russian banks, impose export controls and sanction oligarchs. The penalties fall in line with the White House's insistence that it would look to hit Russia's financial system and Putin's inner circle, while also imposing export controls that would aim to starve Russia's industries and military of U.S. Semiconductors and other high-tech products.

Biden, for now, held off imposing some of the most severe sanctions, including cutting Russia out of the SWIFT payment system, which allows for the transfers of money from bank to bank around the globe, or Russia's energy sector.

Biden announced the sanctions as Ukraine's government reported mounting casualties as Russian forces attack from the east, north and south.

(Agency inputs)