The Biden administration has joined numerous other nations in imposing sanctions on Russia in the wake of its invasion of Ukraine, but did not announce any actions against Russian oil and gas exports.

During a speech given Thursday afternoon US time, President Joe Biden said the sanctions would “maximise the long-term impact on Russia.”

The penalties included restrictions on several Russian banks with more than $1 trillion in combined assets; personal sanctions on “billionaires” with close ties to the Kremlin, and on advanced technology exports to Russia.