US is to sanction Russian banks, businesses, oligarchs, Russia's access and use of the world major currencies, trade of certain goods such as high-tech imports, Us president Joe Biden just announced in a live TV broadcast.
Mr Biden announced the first wave of US sanctions against Russia in retaliation for Moscow's actions in Ukraine earlier this week.
He said the penalties would be slapped on Russian banks, oligarchs and the country's sovereign debt.
He told reporters that Russian troops being ordered to eastern Ukraine after Vladimir Putin recognised the independence of two separatist regions marked the "beginning of an invasion".
The sanctions targeted Russia's VEB bank and the country's military bank, Promsvyazbank, which does defence deals, and were also applied to Russia's sovereign debt.
Pentagon to deploy an additional 7,000 US troops to Germany in the coming days.