Read Biden's Remarks on Russia's 'Flagrant Violation' on Ukraine

President Joe Biden addressed the nation from the White House on Thursday about the invasion of Russian troops into Ukraine.

In retaliation for the invasion, Biden announced strict sanctions to be placed upon Russian banks that he and NATO allies hope will be able to disrupt the nation's economy. Biden also said there will be more discussions with both NATO and G7 allies about further steps that need to be taken while denying that the U.S. military will be deployed into Ukraine.

Read Biden's remarks below:

Biden Russia Address
Above, President Joe Biden addresses the Russian invasion of Ukraine, from the East Room of the White House on February 24, 2022, in Washington, D.C. Biden announced "devastating" Western sanctions against Russia on Thursday. After a virtual, closed-door meeting, the G7 democracies said they stand firm against Russia's "threat to the rules-based international order." Photo by Brendan Smialowski / AFP via Getty Images

"Russian militaries began a brutal assault on the people of Ukraine without provocation, without justification, without necessity. This is a premeditated attack. Vladimir Putin has been planning this for months as we've been saying all along. He moved more than 175,000 troops military equipment in positions along the Ukrainian border and moved blood supplies into position and build field hospitals. Which tells you all you need to know about his intentions all along. He rejected every good faith effort the United States and our allies and partners made to address our mutual security concerns through dialogue to avoid needless conflict and avert human suffering. For weeks, for weeks, we have been warning that this would happen. And now it's unfolding largely as we predicted.

In the past week, we've seen showing an increase in the Donbas region in eastern Ukraine controlled by Russian-backed separatists and Russia. The Russian government has perpetrated cyberattacks against Ukraine. We saw a staged political theater in Moscow, outlandish and baseless claims that Ukraine was about to invade and launch a war against Russia, that Ukraine was prepared to use chemical weapons Ukraine committed a genocide without any evidence. We saw a flagrant violation of international law and attempting to unilaterally create two new so-called Republics on sovereign Ukrainian territory.

And at the very moment that the United Nations Security Council was meeting to stand up for Ukraine sovereignty to stave off invasion, Putin declared his war. Within moments, missile strikes began to fall on historic cities across Ukraine. Then came the air raids, followed by tanks and troops rolling in. We have been transparent with the world. We've shared declassified evidence about Russia's plans and cyber-attacks and false pretext so that there could be no confusion or cover up about what Putin was doing.

Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences.

Today, I'm authorizing additional strong sanctions and new limitations on what can be exported to Russia. This is going to impose severe costs on the Russian economy, both immediately and over time. We have purposely designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies. I want to be clear, the United States is not doing this alone. For once, we've been building a coalition of partners representing well more than half the global economy. 27 members of the European Union including France, Germany, Italy, as well as the United Kingdom, Canada, Japan, Australia, New Zealand, and many others to amplify the joint impact of our response.

I just spoke with the G7 leaders this morning, and we're in full and total agreement. We will limit Russia's ability to do business in dollars, euros, pounds, and yen to be part of the global economy. This will limit their ability to do that. We're gonna stomp the ability to finance and grow Russia and the Russian military. We're gonna pose major and we're gonna impair their ability to compete in the high-tech 21st-century economy.

We've already seen the impact of our actions on Russia's currency and the ruble, which, earlier today his weakest level ever, ever in history. Russia's stock market plunged today. Russian government borrowing rates spiked by over 15%. Today's actions have now sanctioned Russian banks that together hold around $1 trillion in assets. We've cut off Russia's largest bank, a bank that holds more than 1/3 of Russia's banking assets by itself. Cut it off the US financial system, and today we're also blocking for more major banks.

That means every asset they have in America will be frozen. This includes VTB, the second largest bank in Russia, which has $250 billion and assets. As promised, we're also adding the names to the list of Russian elites and their family members that are sanctioning that were sanctioned as well. As I said on Tuesday, these are people who personally gained from the criminals' policies, and they should share in the pain.

We will keep up this drumbeat of those designations against corrupt billionaires in the days ahead. On Tuesday, we stopped the Russian government from raising money from us or European investors. Now, we're going to apply the same restrictions to Russia's largest state-owned enterprises. For companies with assets that exceed $1.4 trillion, some of the most powerful impacts of our actions will come over time as we squeeze Russia's access to finances and technology for strategic sectors of its economy and degrade its industrial capacity for years to come.

Between our actions and those of our allies and partners, we estimate that we'll cut off more than half of Russia's high-tech imports. This will strike a blow to their ability to continue to modernize their military. It'll degrade their aerospace industry, including their space program, and hurt their ability to build ships reducing their ability to compete economically, and it will be a major hit to Putin's long-term strategic ambitions, and we're preparing to do more.

In addition to the economic penalties we're imposing, we're also taking steps to defend our NATO allies, particularly in the East. Tomorrow, NATO will convene a summit. We will be there, to bring together the leaders of 30 allied nations and close partners to affirm our solidarity and to map out the next steps we will take to further strengthen all aspects of our NATO alliance. Although we provided over $650 million in defensive assistance to Ukraine just this last year, let me say it again. Our forces are not and will not be engaged in the conflict with Russia in Ukraine. Our forces are not going to Europe to fight in Ukraine, but to defend our NATO allies and reassure those allies in the East.

As I made crystal clear, the United States will defend every inch of NATO territory with the full force of American power. And the good news is, NATO is more united and more determined than ever. There is no doubt, no doubt that the United States and every NATO ally will meet our Article Five commitments, which says that an attack on one is an attack on all. Over the past few weeks, I've ordered thousands of additional forces to Germany and Poland as part of our commitment to NATO. On Tuesday, in response to Russia's aggressive action, including his troop presence of Belarus and the Black Sea, I've authorized deployment of ground and air forces already stationed in Europe to NATO's eastern flank allies: Estonia, Latvia, Lithuania, Poland, and Romania.

Our allies have also been stepping up, adding the other allies, the rest of NATO. Adding their own forces and capabilities to ensure collective defense, and today, within hours of Russia's unleashing its assault, NATO came together and authorized and activated an activation response plans. This will enable NATO's high readiness forces to deploy and when and where they're needed to protect our NATO allies on the eastern boundaries of Europe. And now I'm authorizing additional U.S. force capabilities to be deployed in Germany as part of NATO's response, including some USPS forces that the Department of Defense placed on standby weeks ago.

I've also spoken with defense secretary Austin and Chairman of Joint Chiefs General Milley about preparations for additional moves, should it become necessary to protect our NATO allies and support the greatest military alliance in the history of the world, NATO. As we respond, my administration is using the tools, every tool is supposed to protect American families and businesses from rising prices at the gas pump, and we're taking active steps to bring down the cost and American oil and gas companies should not, should not exploit this moment to hike their prices to raise profits. In our sanctions package, we specifically designed to allow energy payments to continue. We are closely monitoring energy supplies for any disruption. We've been coordinating with major oil-producing and consuming countries toward our common interest to secure global energy supplies. We're actively working with countries around the world to elevate collective release. From the strategic petroleum reserves of major energy-consuming countries, and the United States will release additional barrels of oil as conditions warrant.

I know this is hard, and that Americans are already hurting. I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me, but this aggression cannot go unanswered. If it did, the contest crisis for America would be much worse. America stands up to the bullies, we stand up for freedom. This is who we are.

And they also repeat the warning I made last week. If Russia pursues cyber attacks against our companies, our critical infrastructure. We are prepared to respond. For months, we've been working closely with the private sector to harden our cyber defenses, sharpen our ability to respond to the Russian cyberattacks as well.

I spoke last night with President Zelensky of Ukraine, and I assured him that the United States together with our allies and partners in Europe will support the Ukrainian people as they defend their country will provide you humanitarian relief to ease their suffering. And in the early days of this conflict, Russian propaganda outlets will keep trying to hide the truth and claim success for its military operation against a made-up threat. But history has shown time and again how swift gains and territory eventually give way to grinding occupations and acts of massive mass civil disobedience. As strategic dead ends, the next few weeks will be hard on the people of Ukraine. Putin has unleashed a great pain on them, but the Ukrainian people have known 30 years of independence. They have repeatedly shown that they will not tolerate anyone who tries to take their country backward.

This is a dangerous moment for all of Europe, for freedom around the world. Putin is a committed assault on the very principles that uphold the global peace. Now, the entire world sees clearly what Putin and his criminal and his Kremlin allies are really all about.

This was never about a genuine security concern on their part. It was always about the naked aggression of Putin, his desire for empire by any means necessary by bullying Russia's neighbors to cores and corruption by changing borders by force, and ultimately by choosing a war without a cause.

Putin's actions portray a sinister vision for the future of our world. One nation takes what they want by force, but this is a vision that the United States and freedom-loving nations everywhere will oppose with every tool of our considerable power.

The United States and our allies and partners will emerge from this stronger, more united, more determined, and more purposeful. Putin's aggression against Ukraine will end up costing Russia dearly, economically and strategically. We will make sure that good will be a pariah on the international stage. Any nation accountant is Russia's naked aggression against Ukraine will be stained by association.

The history of this era is written Putin's choice to make a totally unjustifiable war on Ukraine. We will make Russia weaker and the rest of the world stronger. Liberty, democracy, human dignity; these are the forces far more powerful than fear and oppression.

They cannot be extinguished by tyrants like Putin and his armies. They cannot be raised by people from people's hearts and hopes by any amount of violence and intimidation. They endure in the contest between democracy and autocracy between sovereignty and subjugation. Make no mistake, freedom will prevail.

God bless the people of a free and democratic Ukraine and may God protect our troops."

Update at 2/24/2022 at 2:39 p.m. EST: This story was updated with a brief summary of the speech.