WATCH FULL REMARKS: President Biden addresses Russian invasion of Ukraine

WASHINGTON, D.C. (WHEC/AP) – President Joe Biden has announced a new round of sanctions targeting Russia after its invasion of Ukraine, charging that Russia’s Vladimir Putin “chose this war” and his country will bear the consequences.

The sanctions target Russian banks, oligarchs, and high-tech sectors. 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, is holding off imposing some of the most severe sanctions, including cutting Russia out of the international SWIFT bank payment system.