Joe Biden has announced that the US was moving to revoke Russia's "most favored nation status" in coordination with allies.
Revoking Russia's permanent normal trade relations will "make it harder for Russia to business with the United States". He said the US was "taking the first steps" to ban imports of Russian vodka, seafood and diamonds.
Biden thanked Pelosi for pushing the US to take this action, and for holding off on a measure in Congress until he "could line up all of our key allies."
"Putin is the aggressor and Putin must pay a price," he said.
He also detailed other economic sanctions the US has taken to destabilize the Russian economy and squeeze Putin and those around him.
Biden said the US and its allies were targeting an expanded list of Russian oligarchs, and ramping up efforts to capture their "ill-begotten gains."
"They support Putin. They steal from the Russian people and they seek to hide their money in our countries," Biden said, emphasizing one of the most popular aspects of the west's crackdown on Russia. "They're part of that kleptocracy that exists in Moscow and they must share in the pain of these sanctions."
In addition to seizing their "superyachts" and vacation homes, Biden said the US was also banning the export of luxury luxury goods to Russia, calling it the latest, but "not the last step we’re going to take."