WASHINGTON (AP) — President Joe Biden ordered broad new sanctions targeting Russia on Thursday after its invasion of Ukraine, declaring that Russian leader Vladimir Putin “chose this war” and his country will bear the consequences.

President Joe Biden speaks about the Russian invasion of Ukraine in the East Room of the White House, Thursday, Feb. 24, 2022, in Washington. (AP Photo/Alex Brandon)

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. Approximately 7,000 additional U.S. troops will be sent.

The penalties fall in line with the White House’s insistence that it would 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.