Biden to slap new sanctions on Russia to dissuade Putin from invading Ukraine

The Biden administration is considering a set of sanctions against Russia designed to deter Vladimir Putin from invading Ukraine, CNN reports. The new sanctions will target Putin's inner circle and Russian energy producers.

"The officials said final decisions hadn't been made on whether and when to apply the new sanctions, and said the Biden administration is currently in talks with European partners — many of whom have closer economic relationships to Russia — in the hopes of coordinating action," CNN's Kevin Liptak writes. "People familiar with the discussions said new economic sanctions could target a variety of sectors, including energy producers and Russian banks. The new sanctions could also go after Russia's sovereign debt."

Top Russian oligarchs will also be targeted by the sanctions by limiting their ability to travel as well as their access to banking and credit card systems.

Speaking to reports on Friday, Biden said he was "putting together what I believe to be the most comprehensive and meaningful set of initiatives to make it very, very difficult for Mr. Putin to go ahead and do what people are worried he may do."