US President Joe Biden gave an address on the situation in Ukraine, condemned Russia for launching the military strike on Thursday, and announced new strong sanctions and limitations on what can be exported to Russia.

“This is going to impose a severe cost on the Russian economy, both immediately and over time. We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies,” he said.

The United States is not doing this alone, he said, adding that the 27 EU members and G7 members will participate in these sanctions.

Here are the sanctions he announced:

Limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.

Stop the ability to finance and grow the Russian military.

Impair their ability to compete in the high-tech 21st-century economy.

The US sanctioned Russian banks that together hold around $1 trillion in assets.

He added, “we’re also blocking four more major banks. That means every asset they have in America will be frozen.”