Biden announces new sanctions as Russia attacks Ukraine

President Biden issued a new round of economic sanctions meant to punish Russian President Vladimir Putin for attacking Ukraine.

Biden said that the U.S. will sanction four more Russian banks and limit Russia's access to high tech. He said the actions will limit Russia's ability to do business "in dollars, pounds, euros and yen."

"The U.S. stands up to bullies," Biden said. "We stand up to freedom."

What's been the reaction from the White House to Russia's attack on Ukraine?

Biden has condemned what he called an "unprovoked and unjustified" attack.

"President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering," Biden said in a statement. "Russia alone is responsible for the death and destruction this attack will bring."

He pledged that the United States and its allies will hold Russia accountable.

New sanctions are expected to take aim at cutting Russia off from critical technology

Sanctions that Biden announced Tuesday were just the start.

The first wave of sanctions against Russia targeted two Russian financial institutions along with the government's ability to access Western financing. There were also sanctions against the Russian-owned company building the Nord Stream 2 natural gas pipeline.

Biden has warned that these were the first "tranche" of sanctions and that the administration would ratchet up the response based on Russia's next steps. Senior administration officials say the the group of Russian elites and their family members who are being sanctioned have "shared in the corrupt gains of the Kremlin, and they will now share in the pain."

But the White House has warned that it was ready to cut the biggest Russian banks out of Western markets. And the administration is working on export controls, which would block Russia from buying semiconductors and other technology.

Other Russian elites and oligarchs could be targeted, too.

Meanwhile, the administration and bipartisan members of Congress have been discussing providing additional assistance to Ukraine and allies and partners.

"No financial institution is safe," White House press secretary Jen Psaki told reporters Wednesday.

Biden also spoke to Ukrainian President Volodymyr Zelenskyy

Biden also talked to Ukrainian President Volodymyr Zelenskyy. The two spoke about what Biden called the "flagrant aggression" of Putin. Biden said that he condemned the attack by the Russian military and would be taking steps to rally international condemnation against the Russian government.

The U.S. president also said that America would continue to provide help to Ukraine.