Biden announces sanctions, says Russia has begun invasion of Ukraine

President Biden announced new sanctions against Russia as a result of actions recently undertaken by President Vladimir Putin concerning Ukraine.

"This is the beginning of a Russian invasion of Ukraine, ... so I'm going to begin to impose sanctions in response," Mr. Biden said at the White House, in response to Putin's decision to send "peacekeeping" forces into Ukraine's eastern breakaway regions hours after he formally recognized Luhansk and Donetsk as independent from Ukraine on Monday.

Mr. Biden said the sanctions, closely coordinated with allies and partners, will target two large banks in Russia and its sovereign debt.