US President Joe Biden was scathing in his criticism of Russia's attack on Ukraine on Thursday and announced that he would be authorising new sanctions on Russia, including on exports. Biden said that the sanctions are designed to maximise the long-term impact on Russia's economy but minimise the impact on Europe. We will prevent Russia from doing business in dollar, yen, pounds and euros, Biden continued, and we have sanctioned Russian banks holding more than $1T in assets. Biden bragged about recent weakness experienced by the Russian ruble, and in Russian credit default swaps, as indicative of the success of Western sanctions in their impact on the Russian economy. 

Biden said that while he would be sending US troops to fight in Ukraine, he will be authorising additional forces to go to Germany to reassure allies in Eastern Europe. There is no doubt that the US and NATO will meet their Article 5 commitment, Biden reiterated. If Russia attacks the US or West with cyberattacks, the US will respond, Biden said.  

Biden confirmed that the Russian energy sector would not be targeted by US sanctions and said that oil and gas companies should not exploit the crisis and hike prices. Biden reiterated that the US is working to secure global energy supplies and said that his administration would release additional oil from the SPR as needed.