President Joe Biden vowed on Twitter to "hold Russia accountable" late Wednesday night, following the onset of Russian attacks on Ukraine, with reports of troops crossing the border and explosions in multiple cities. 

White House Press Secretary Jen Psaki delivered remarks earlier Wednesday evening. She said that sanctions to further destabilize Russia’s weak economy were still a possibility. At that time, Biden warned that additional sanctions would be forthcoming if Russian President Vladimir Putin did not choose a more diplomatic path moving forward.

“It remains an option on the table,” Psaki said. “That would be an escalatory step, as would be sanctioning the largest banks, the very largest banks and additional components of the financial sector, as would taking export control steps.”

According to CNN, with plans to address the nation Thursday afternoon, Biden is expected to unveil a wave of new measures to cut off Russia from advanced technology, impose restrictions on large financial institutions, and direct further sanctions at those close to Putin.

This comes just days after Biden imposed sanctions targeting Russian banks, limiting the country’s access to international financial markets. Among these, the U.S. denied two Russian banks access to loans in Western markets and limited the financial transactions of three wealthy Russian families.

While those sanctions were significant, they ultimately fell short of the most severe penalties the Biden administration has promised.