President Joe BidenAccording to the U.S., Thursday’s announcement was that it would introduce new sanctions on Russia. This is part of an overall effort to remove Moscow from the world economy.

President Obama stated that total penalties would target assets worth $1.4 trillion. The sanctions also included specific actions against Russian banks, including the state-owned VTB Bank. Biden also stated that additional NATO allies are looking to strengthen Europe’s defenses, and the White House authorized more troops to be deployed in Germany.

Before Biden’s remarks, the leaders of the Group of Seven countries stated that they were “appalled and condemned” Russia’s aggression in Ukraine. They also promised to impose severe and coordinated financial and economic sanctions against Russia.

Moscow began to a large-scale offensive of its neighbor early ThursdayAttaques on several Ukrainian cities in local time, including Kyiv.

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Russian President Vladimir Putin declared that Russia will launch a special military operation in Ukraine to assess its military capabilities. He also stated that Moscow does not intend to occupy any Ukrainian territory.

According to NATO Allies and the U.S., there is little evidence that Ukraine has engaged in military aggression. Moscow uses Russian assertions to justify invasion.

Market volatility has been a problem for global traders since the beginning of this week due to economic sanctions and the military conflict in Ukraine. Europe saw the Stoxx 600 close down by more than 3%. Bank stocks plunged over 8% while the German DAX fell 4%.

Minutes before noon in New York, the U.S. S&P 500 traded about 1% lower.

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