INTERNATIONAL: U.S. President Joe Biden hit Russia with a wave of sanctions on Thursday ,February 24, after Moscow invaded Ukraine, measures that impede Russia's ability to do business in major currencies along with sanctions against banks and state-owned enterprises.

During White House remarks and answers to reporters' questions, Biden described Russian President Vladimir Putin as an aggressor who launched "a war without a cause" and a misguided dream of recreating the Soviet Union.

But he held back for now from imposing sanctions on Putin himself and from disconnecting Russia from the SWIFT international banking system, amid differences between the United States and its allies over how far to go at this juncture and criticism at home that he should have done more.

Biden has said there is now a complete rupture in U.S.-Russian relations if Moscow continues on the path it is on, and that more sanctions are being planned.

Ukrainian forces have battled Russian invaders on three sides on Thursday after Moscow mounted an assault by land, sea and air, prompting tens of thousands of people to flee their homes.

"This is a premeditated attack," Biden has said. "Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences."

Biden has also said the sanctions were designed to have a long-term impact on Russia and to minimize the impact on the United States and its allies. And he said Washington was prepared to do more.

The steps included targeting five major Russian banks, including state-backed Sberbank and VTB, as well as members of the Russian elite and their families. Sberbank, Russia's largest lender, will no longer be able to transfer money with the assistance of U.S. banks.

The sanctions are aimed at limiting Russia's ability to do business in dollars, euros, pounds and yen, Biden said.

The White House has also announced sweeping export restrictions against Russia aimed at restricting its access to global exports of everything from commercial electronics and computers to semiconductors and aircraft parts.

Biden has said NATO would meet on Friday to map out further measures. He has reiterated that the United States would not engage in war with Russia, but that it would meet its Article 5 commitments to defend NATO partners.

"Putin's aggression against Ukraine will end up costing Russia dearly," Biden has said. "Putin will be a pariah on the international stage," Biden has further said.

Biden has met with his counterparts from the Group of Seven allies earlier on Thursday to map out more severe measures against Russia after Putin launched the attack.

Biden, who spoke with Ukrainian President Volodymyr Zelenskiy late on Wednesday, also convened his National Security Council on Thursday to discuss the situation.

His announcement has represented the second major tranche of sanctions against Russia since Putin earlier this week declared two breakaway regions of Ukraine independent and sent troops there.

The United States had warned it would initiate waves of sanctions against Moscow if it further invaded Ukraine, and Russia's full-on military assault launched on Thursday led to the latest round of Western penalties.

The Russian military has begun a brutal assault on the people of Ukraine, without provocation, without justification without necessity. This is a premeditated attack."

^{PHOTO: U.S. PRESIDENT JOE BIDEN DELIVERING REMARKS ON UKRAINE}