US President Joe Biden on Thursday announced new sanctions against Russia, describing President Vladimir Putin as the aggressor. Russia early in the day invaded Ukraine by land, air and water. 

Biden said that Putin “chose this war” and that his country will bear the consequences of his action.

“The sanctions target Russian banks, oligarchs, and high-tech sectors,” Biden said, adding that the United States and its allies will block assets of four large Russian banks, impose export controls and sanction oligarchs. 

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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.

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Here are the sanctions he announced:

Limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.

Stop the ability to finance and grow the Russian military.

Impair their ability to compete in high-tech 21st century economy.

US sanctioned Russian banks that together hold around $1 trillion in assets.