US President Joe Biden delivers remarks on Russia's operation in Ukraine, in the East Room of the White House in Washington, US, February 24, 2022. (REUTERS/Leah Millis)

But he held back from imposing sanctions on President Putin himself and from disconnecting Russia from the SWIFT international banking system. 

Ukrainian forces battled Russian troops on three sides on Thursday, prompting tens of thousands of people to flee their homes. 

Biden said the sanctions were designed to have a long-term impact on Russia and to minimize the impact on the United States and its allies. And he said Washington was prepared to do more. 

The sanctions are aimed at limiting Russia's ability to do business in dollars, euros, pounds and yen. Among the targets were five major banks, including state-backed Sberbank and VTB, as well as members of the Russian elite and their families. Sberbank, Russia's largest lender, will no longer be able to transfer money with the assistance of US banks. 

The White House also announced export restrictions aimed at curbing Russia's access to everything from commercial electronics and computers to semiconductors and aircraft parts. 

Biden said NATO would meet on Friday to map out further measures and reiterated that the United States would not engage in war with Russia.