Biden says Putin 'must pay the price' for his aggression as US, allies revoke Russia's trading status
President Joe Biden announced new steps Friday to "squeeze Putin" for his invasion of Ukraine and warned that Russia would pay a "severe price" if it uses chemical weapons in Ukraine.
Biden also called Russian President Vladimir Putin an aggressor, saying he "must pay the price."
Biden announced that the U.S., along with the G7 and EU partners, are revoking the favored nations status for Russia, bringing an end to normal trade relations with the Kremlin.
"He cannot pursue a war that threatens … the very foundations of international peace and stability and then ask for financial help from the international community," Biden said.
![PHOTO:President Joe Biden announces new economic actions against Russia in the Roosevelt Room at the White House on March 11, 2022, in Washington.](https://s.abcnews.com/images/International/biden-2-gty-rc-220311_1647014823770_hpMain.jpg)
The move is the latest highlighting the unity of the West against Putin.
"The free world is coming together to confront Putin," Biden said, adding that sanctions already imposed are "crushing" the Russian economy. He also hinted that these are just the latest steps, but not the "last steps" allies will take against Russia.
Biden said he spoke to Ukrainian President Volodymyr Zelenskyy for "some time" telling him that the U.S. stands with Ukraine "as they bravely fight to defend their country."
Biden also said he looks forward to signing Congress' bipartisan spending bill, which includes an additional $13.5 billion in aid to Ukraine, "immediately."
“We will make sure Ukraine has weapons to defend against an invading Russian force. We will send money and food and aid to save the Ukrainian people. And I will welcome Ukrainian refugees—we should welcome them here with open arms if they need access,” Biden said.
-ABC News' Justin Gomez and Molly Nagle