Here are the key takeaways from President Joe Biden’s address on U.S.’s efforts to stop the Russian invasion of Ukraine. Biden spoke from the White House Thursday.

  1. Biden said that the U.S. will sanction five of Russia’s largest banks, which he says have combined assets of more than US$1 trillion.
  2. The president said that the U.S. and its allies will not remove Russia from the Swift financial messaging system today because of opposition from some European nations. He says the option is still on the table.
  3. Biden suggested that the effects of the sanctions announced today and in preceding days will take some time to set in, weakening the Russian economy and causing President Vladimir Putin to give up his aims.
  4. The White House made clear it would try to prevent oil prices from spiking through a release of emergency reserves with international partners and by avoiding sanctions on energy transactions. With oil prices breaking US$100 a barrel on the invasion Biden is under pressure to keep costs in check as fuel and consumer prices rise, potentially imperiling Democrats’ hold on the House and Senate.
  5. As Biden spoke, the ruble, U.S. stocks pared some of their losses, while gold wiped out its advance. West Texas Intermediate crude was the big commodity mover during Biden’s comments, giving up most of its gains today. Still, haven demand remained, with a Bloomberg gauge of the dollar and Treasuries rising.