New Delhi, Feb 25 (IANS): US President Joe Biden gave an address on the situation in Ukraine, condemned Russia for launching the military strike on Thursday, and announced new strong sanctions and limitations on what can be exported to Russia, CNN reported.

"This is going to impose severe cost on the Russian economy, both immediately and over time. We have purposefully designed these sanctions to maximise a long-term impact on Russia and minimise the impact on the US and our allies," he said, the report said.

The US is not doing this alone, he said, adding that the 27 EU members and G7 members will participate in these sanctions.

The sanctions announced to limit Russia's ability to do business in dollars, euros, pounds and yen to be a part of the global economy.

These stop the ability to finance and grow the Russian military, impair their ability to compete in high-tech 21st century economy, CNN report said.

US sanctioned Russian banks that together hold around $1 trillion in assets.

Biden added, "We're also blocking four more major banks. That means every asset they (Russia) have in America will be frozen."