President Biden addressed Russia's aggression in Ukraine and did not mince words on Tuesday afternoon.

Biden came out fast. “Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? This is a flagrant violation of international law and demands a firm response from the international community.”

This was in response to Russia’s recognition of the so-called Donetsk People’s Republic and the Luhansk People’s Republic.

"Russia has now undeniably moved against Ukraine by declaring these independent states," he said.

"And we will continued to escalate sanctions if Russia continues to escalate,” he promised.

Biden announced the "first tranche" of sanctions against Russia which include sanctions targeting two large Russian financial institutions and restricting Russia’s government from trading its debt on Western finance markets.

“Starting tomorrow, and continuing in the days ahead, we will also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well.”

Here's President Biden's full speech.