The White House announced Friday that President Joe Biden would take executive actions to stop U.S. imports key Russian products like vodka and to ban Russian exports to high-end items.

Biden will sign an executive order banning imports from key sectors of Russia’s economy, such as seafood, alcohol and non-industrial diamonds, according to text of the order.

The administration stated that this move will prevent more than $1B in Russian revenue and ensure Americans aren’t “underwriting” President Vladimir Putin’s war in Ukraine.

This order also prohibits the U.S. exporting “luxury goods” to Russia. Those items include high-end watches and clothes, jewelry, top-shelf liquor and luxury vehicles — all of which feature prominently in the lifestyles of mega-rich Russian oligarchs.

The White House stated that the new export restrictions will be worth close to $550 million annually.

Biden stated that “they’re not our last steps,” in Friday’s speech to the White House.

He said, “Putin has been the aggressor. Putin must be punished.”

After the invasion of Ukraine, the White House announced that it was taking new steps to sanction Moscow. Biden called on the U.S. to revoke Russia’s “most favored nation” trading statusThis could lead to new, damaging tariffs. It is expected that the European Union as well as the Group of Seven will follow these steps.