On Tuesday, President Biden announces sanctions against Russia amid the escalating conflict in Ukraine.

The Hill reports:

President Biden said Tuesday that the U.S. would sanction Russian sovereign debt and Russian elites as well as their family members in response to Russia’s deployment of troops to regions in eastern Ukraine.

Biden also said that the U.S. would sanction Russian financial institutions, VEB and Russia’s military bank

The announcement came a day after Russian President Vladimir Putin recognized the so-called Donetsk and Luhansk People’s Republics as independent. [Read Next: Putin Signs Order Recognizing Breakaway Republics in Eastern Ukraine, Laying Foundation for Imminent War]

On Tuesday, Russian lawmakers greenlit a request by Putin to use military force outside of Russia, a move that could pave the way for a broader Russian invasion of Ukraine.

“He is setting up a rationale to take more territory by force, in my view,” Biden said of Putin in remarks from the East Room. “This is the beginning of a Russian invasion of Ukraine.”

While announcing the latest sanctions against Russia, President Biden made it clear this is only the beginning if Moscow engages in a broader invasion of Ukraine.

“If Russia goes further with this invasion, we stand prepared to go further as with sanctions,” President Biden said.