Biden announces next round of sanctions on Russia, says didn't expect first would be preventative

On Thursday afternoon President Joe Biden addressed the American people about Russia's full scale invasion of Ukraine.

Biden announced another round of economic sanctions, this time targeting Russia's second largest financial institution and a new set of "corrupt billionaires" and their families who maintain close ties to the Kremlin.

During the address, the president noted that he believes Putin's aspirations include "reestablish(ing) the former Soviet Union."

The president took several questions from pre-selected members of the press. 

When questioned about the efficacy of the sanctions, Biden said, "No one expected the sanctions to prevent anything from happening," despite the frequent refrain from the administration these last weeks that the sanctions are a "deterrent."