 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 shelling increase in the Donbass, a region in eastern Ukraine controlled by Russian-backed separatists. The Russian government has perpetrated cyber attacks 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 in 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's sovereignty to stave off invasion, Putin declared his war. Within moments, moments, missile strikes began to fall on historic cities across Ukraine. Then came the air raids followed by tanks and troops rolling in. We've 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 cost 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. And I want to be clear, the United States is not doing this alone. For months, 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. We'll limit their ability to do that. We're going to stunt the ability of to finance and grow the Russian military. We're going to impose major and we're going to pair their ability to compete in high-tech 21st century economy. We've already seen the impact of our actions on Russia's currency and the ruble, which early today hit its weakest level ever, ever in history. The Russia stock market plunged today. The Russian government barring rates spiked by over 15 percent. In today's actions, we've 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 one-third of Russia's banking assets by itself, cut it off from the U.S. financial system. And today, we're also blocking four 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 in assets. As promised, we're also adding the names to the list of Russian elites and their family members that were sanctioned as well. As I said on Tuesday, these are people who personally gain from the Kremlin's 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 U.S. or European investors. Now we're going to apply the same restrictions to Russia's largest state-owned enterprises. Companies with assets exceed $1.4 trillion. Some of the most powerful impacts 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. It will strike a blow to their ability to continue to modernize their military. It will degrade their aerospace industry, including their space program. It will 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'll 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 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 a full force of American power. And the good news is, NATO was 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 5 commitments, which says that an attack on one is an attack on all. Over the past few weeks, I 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 its troop presence in Belarus and the Black Sea, I've authorized the 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, with an hours of Russia's unleashing its assault, NATO came together and authorized an activation of response plans. This will enable NATO's high readiness forces to deploy and when and where they are needed to protect our NATO allies on the eastern boundaries of Europe. And now I'm authorizing additional U.S. force capabilities to deploy to Germany as part of NATO's response, including some of the U.S.-based forces that the Department of Defense placed on standby weeks ago. I've also spoken with Defense Secretary Austin and Chairman and Joint Chief General Milley about preparations for additional moves, should they 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 of disposal, to protect American families and businesses from rising prices at the gas pump. You know, 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. You know, 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 are actively working with countries around the world to elevate collective release from the strategic patrolling 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 consequences for America would be much worse. America stands up to bullies. We stand up for freedom. This is who we are. May 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 our private with the private sector to harden their cyber defenses, sharpen our ability to respond to Russian cyber attacks as well. I spoke last night to 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. In the early days of this conflict, Russia 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 in territory eventually give way to grinding occupations, acts of mass civil mass civil disobedience and strategic dead ends. Next few weeks and months we hard on the people of Ukraine put nos on least a great pain on them. But the Ukrainian people have known 30 years of independence. They've repeatedly shown that they will not tolerate anyone who tries to take their country backwards. This is a dangerous moment for all of Europe for the freedom around the world. Putin is a committed assault on the very principles that uphold the global peace. But now, the entire world sees clearly what Putin and his criminal allies are really all about. This was never about a genuine security concerns on their part. It was always about naked aggression, about Putin's desire for empire by any means necessary, by bullying Russia's neighbors through coercion and corruption, by changing borders by force, and ultimately by choosing a war without a cause. Putin's actions betray a sinister vision for the future of our world. One more nations take what they want by force. But it 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 merge 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 of that. Putin will be a pariah on the international stage. Any nation, the countenance of 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 will have left 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 erased 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. May God protect our troops. Associated Press, Zeke. With President Putin at this point and what interactions you have with the Russian government? I heard the first part. Do I have any plans to speak with Putin at this point and what communications do we have with the Kremlin as far as military operas Ukraine and making sure this is not spiral into a larger conflict? It's a large conflict already. The way we're going to sure it's not going to aspire to a larger conflict is by providing all the forces needed in the Eastern European nations that are members of NATO. NATO is more united than it's ever been. And I have no plans to talk with Putin. Mr. President, you didn't mention Swift in your sanctions that you announced. Is there a reason why the U.S. isn't doing that? Is there a disagreement among allies regarding Swift and whether Russia should be allowed to be a part of it? The sanctions that we have proposed on all their banks of the equal consequence, maybe more consequence than Swift number one. Number two, it is always an option, but right now that's not the position that the rest of Europe wishes to take. Cecilia Vega, ABC. Sir, sanctions clearly have not been enough to deter Vladimir Putin to this point. What is going to stop him? How and when does this end? And do you see him trying to go beyond Ukraine and a second time? I'll just give to you now this statement that he gave last night will that the wet the threat that he gave the West will face consequences greater than any you have faced in history. Is he threatening a nuclear strike? I have no idea what he's threatening. I know what he has done. Number one. Number two, no one expected the sanctions to prevent anything from happening. It has to show this could take time. And we have to show resolve. So he knows what's coming. And so the people of Russia know what he's brought on them. That's what this is all about. This is going to take time. It's not going to occur. He's going to say, oh my God, these sanctions are coming. I'm going to stand down. He's going to test the resolve of the West to see if we stay together and we will. We will and will impose significant costs on him. Will he go beyond Ukraine, sir? Do you think that you see him going? Yes. Two topics just really quick. First, markets are down and gas prices are up. I know you always stress the difference between Wall Street and Main Street, but everybody seems to be in for some economic pain. How economically painful is it going to get for people in this country? And I do have one more question. First of all, there's no doubt that when a major nuclear power attacks and invades another country that the world is going to respond and markets can respond all over the world. So there's no doubt about that. Number one, number two, the notion that this is going to last for a long time is highly unlikely as long as we continue to stay resolved and imposing the sanctions we're going to impose on Russia, Russia, period. What's your next question? I'm sorry. The next question is, did you underestimate Putin and would you still describe him the way that you did in the summer as a worthy adversary? At the time, he was, I made it clear as an adversary and I said he was worthy. I didn't underestimate him. And I've read most of everything he's written. Did you read the, I shouldn't say I'm not a wise guy. You heard the speech he made. Almost an hour's worth of time on why he was going into Ukraine. He has much larger ambitions in Ukraine. He wants to in fact re-establish the former Soviet Union. That's what this is about. And I think that his ambitions are completely contrary to the place where the rest of the world has arrived. You're confident that these devastating sanctions are going to be as devastating as Russian missiles and bullets and tanks. Yes, Russian bullets, missiles and tanks in Ukraine. Yes, I am. If sanctions cannot stop President Putin, what penalty can? I didn't say sanctions couldn't stop him. You've been talking about the threat of these sanctions for several weeks now. Yes, but the threat of the sanctions and imposing the sanctions and seeing the effect of the sanctions are two different things. And we're now going to, he's going to begin to see the effect of the sanctions. And what will that do, how will that change his mindset here given he's attacking Ukraine? Because it will so weaken his country that he'll have to make a very, very difficult choice as to whether to continue to move toward being a second-rate power or in fact respond. You said in recent weeks that big nations cannot bluff when it comes to something like this. You recently said the idea of personally sanctioning President Putin was on the table. Is that a step that you're prepared to take? Is that a bluff that's on the table? Sanctioning President Putin? Yes. Why not sanction him today, sir? Mr. President? Why not sanction him today? Mr. President, if I can, you detailed some severe and swift new sanctions today and said the impact it will have over time. But given the full-scale invasion, given that you're not pursuing disconnecting Russia from what's called SWIF, the International Banking System, or other sanctions at your disposal, respectfully, sir, what more are you waiting for? Specifically, with the sanctions we've imposed exceed SWIFT. The sanctions we imposed exceed anything that's ever been done. The sanctions we imposed have generated two-thirds of the world joining us. They are profound sanctions. Let's have a conversation in another month or so to see if they're working. Yes. Can I ask you about Zelensky? Sir, you spoke to Vladimir Zelensky yesterday, sir. What's the risk that we are watching the beginning of another Cold War and is there now a complete rupture in U.S. and Russian relations? There is a complete rupture right now in U.S.-Russian relations if they continue on this path that they're on. And in terms of Cold War, that depends. You have the vast majority of the rest of the world in total opposition to what he's doing, from Asia to South America to Europe to around the world. And so, it's going to be a cold day for Russia. The idea, you don't see a whole lot of people coming to his defense. And are you, if I could follow up, sir, are you urging China to help isolate Russia? Are you urging China to help isolate Russia? I'm not prepared to comment on that at the moment. Yeah. No, no, no. He's had his hand up a long time. Thank you, Mr. President. How concerned are you that Putin wants to go beyond Ukraine into other countries and the U.S. will have to get involved if he moves into NATO countries? Well, if he did move into NATO countries, he will be involved. We will be involved. The only thing that I'm convinced of is if we don't stop now, he'll be emboldened. If we don't move against him now with these significant sanctions, he will be emboldened. Look, you know, every... Well, anyway. Can you talk anything more about your conversation? Can you... Mr. President, Mr. President... Why not... Why not sanction Putin directly to that? I'm sorry, I can't hear you. Sir, India, which is a major defense partner of the United States, is India fully with you on the issue of creating Russia? Does the Defense Department of the United States... Sir, India is one of your major defense partners. Is India fully in sync with the United States on Russia? We're going to be... We're in consultation with India today. We haven't resolved that completely. One more question. Okay, thank you all very much. Thank you. Welcome back. Well, that was...