President Joe Biden on Thursday announced 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.

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

Biden also said the U.S. will be deploying additional forces to Germany to bolster NATO after the invasion of Ukraine, which is not a member of the defense organization.

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.

“Putin is the aggressor,” Biden said. “Putin chose this war, and now he and his country will bear the consequences.”

Biden, for now, held off imposing some of the most severe sanctions, including cutting Russia out of the SWIFT payment system, which allows for the transfers of money from bank to bank around the globe, or Russia’s energy sector.

Biden announced the sanctions while Ukraine’s government reported mounting casualties as Russian forces attack from the east, north and south.

Biden spoke to Americans from the White House hours after holding a virtual meeting with the leaders of Britain, Canada, France, Italy and Japan. European Commission President Ursula von der Leyen, European Council President Charles Michel, and NATO Secretary General Jens Stoltenberg also joined the meeting.

The president also met with his national security team on Thursday morning in the Situation Room as he looked to flesh out U.S. moves in the rapidly escalating crisis.

While Biden described the sanctions as severe, Ukrainian officials urged the U.S. and West to go further and cut the Russians from the SWIFT financial system.

“We demand the disconnection of Russia from SWIFT, the introduction of a no-fly zone over Ukraine and other effective steps to stop the aggressor,” Ukraine President Volodymyr Zelenskyy said in a tweet.

The Biden administration, however, has shown some reluctance to cut Russia from SWIFT, at least immediately, because of concerns the move could also have enormous ramifications for Europe and other Western economies. Biden, answering questions from reporters, appeared to push a decision on SWIFT to European allies.

“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” Biden said. He also contended that the financial sanctions he announced would be more damaging to Russia.

At the direction of the President, Secretary of Defense Austin has ordered the deployment to Europe of approximately 7,000 additional Service Members.

This would comprise an armored brigade combat team with associated capabilities and enablers. They will deploy to Germany to reassure NATO Allies, deter Russian aggression and be prepared to support a range of requirements in the region.

We expect them to depart in the coming days.

US sanctions 24 Belarusians and organizations over support of invasion.