U.S. President Joe Biden announced punishing new sanctions against Russia for its "pre-meditated attack" against Ukraine, calling out Russian President Vladimir Putin for his aggression.
"Putin chose this war and now he will pay the consequences," Biden said in a national address in the East Room of the White House.
Russia's invasion of Ukraine is a major test of American leadership, NATO's unity, and global stability after more than seven decades of relative peace following the Second World War.
Reaching an agreement with 30 members of NATO and the G7 (including Canada) on sanctions is no easy task.
The actions include:
Biden reiterated U.S. troops will not be sent to fight in Ukraine, which is a Western ally but not a NATO member.
Further actions the U.S. and Europe could take in the future include:
If Russia gets ousted from SWIFT, it would be unable to collect profits from most financial transactions -- including revenues from its oil and gas production, which is approximately 40 per cent of its revenue.
Biden said detaching Russia from SWIFT remains an option, "but right now it's not the position the rest of Europe wishes to take."
Biden warned the conflict could disrupt domestic oil supplies and said the U.S. is ready to tap the Strategic Petroleum Reserve to reduce fuel costs.
Russia is one of the world's largest oil producers, making the U.S. vulnerable to price shocks.
FORMER PRESIDENTS REACT
In a statement, former president George W. Bush said "Russia’s attack on Ukraine constitutes the gravest security crisis on the European continent since World War II."
"The American government and people must stand in solidarity with Ukraine and the Ukrainian people as they seek freedom and the right to choose their own future. We cannot tolerate the authoritarian bullying and danger that Putin poses."
Former president Barack Obama said Russia's attack on the people of Ukraine is "in violation of international law and basic principles of human decency," and urged Republicans and Democrats to unite in solidarity with Ukraine: "Every American, regardless of their party, should support President Biden's efforts"
But former president Donald Trump praised Putin, saying his recognition of breakaway regions in Eastern Ukraine as independent states was "genius" and "smart."
WHAT'S NEXT
NATO Secretary General Jens Stoltenberg called Russia's attack on Ukraine "a brutal act of war." He said the group will convene an emergency meeting Friday, after NATO countries closest to the conflict -- Latvia, Lithuania and Poland -- requested to meet under Article 4 of NATO's founding treaty, when "the territorial integrity, political independence or security of any NATO parties is threatened."
The White House is expected to announce further sanctions as the conflict escalates, as diplomatic solutions appear to be fading.
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