U.S. President Joe Biden announced on Thursday (February 24) a new round of sanctions targeting Russia after its invasion of Ukraine, charging that Russian leader Vladimir Putin “chose this war” and that his country will bear the consequences of his action. During White House remarks, Biden described Russian President Vladimir Putin as an aggressor who “chose this war” and a misguided dream of recreating the Soviet Union. “Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences,” Biden said, laying out a set of measures that will “impose severe cost on the Russian economy, both immediately and over time,” Biden said. The new sanctions include export blocks on technology, a centerpiece of Biden’s approach that he said would severely limit Russia’s ability to advance its military and aerospace sector. He also applied sanctions on Russian banks and “corrupt billionaires” and their families close to the Kremlin. Biden insisted his threat to sanction Putin directly remains “on the table” and is “not a bluff,” but he didn’t answer when asked why he hasn’t directly sanctioned the Russian president yet. The steps also included targeting five major Russian banks, including state-backed Sberbank and VTB, and members of the Russian elite and their families. Sberbank, Russia’s largest lender, will no longer be able to transfer money with the assistance of U.S. banks. The sanctions are aimed at limiting Russia’s ability to do business in dollars, euros, pounds, and yen, Biden said.