“They will ensure that Putin pays an even greater price for his aggression abroad and repression at home,” Biden said in a statement.
“We are also imposing new export sanctions on approximately 100 entities that provide backdoor support for Russia's war machine,” he said.
The United States and its allies have taken a number of measures against Russia since the beginning of the war, including blocking financial assets, restricting high-tech exports, and setting official limits on the selling price of Russia's oil exports.
But significant US military support for Ukraine has ended due to political gridlock in Congress, with Russia recently making significant gains on the battlefield.
And the Russian economy is also expected to grow this year, albeit on a smaller scale, as the country adapts to and relies on trade with non-Western partners, especially China.