Biden's chief of staff on potential sanctions against Putin: "Nothing on the economic side is off the table"

As tensions rise with Russia over a possible invasion of Ukraine, President Biden's chief of staff Ron Klain told CBS News that "nothing on the economic side is off the table" when it comes to sanctions. 

Mr. Biden said Wednesday that it was his "guess" that Russian President Vladimir Putin will "move in" to Ukraine. 

"If he violates these international norms, if he upsets the regime that's existed in Europe for decades now of respecting international borders … the consequences for Russia will be severe," Klain told "CBS Evening News" anchor and managing editor Norah O'Donnell on Thursday. "We can make President Putin, make the regime in Russia, pay a price for this action if that's what he does."