A big announcement was made Friday by President Joe Biden outlining new efforts to help Ukraine and put a stop to Russia's attacks.

The president today called Vladimir Putin's war a strategic failure and said these new efforts will hold Putin even more accountable for his, "aggression against Ukraine."

Biden says the United States and its NATO allies are united and determined to hold Putin accountable. The newest way is by revoking Russia's most favored nation status. Revoking it will make it harder for Russia to do business with the United States. In unison with other nations, it would make up half the global economy.

He also announced a ban of luxury goods to Russia and a ban on U.S. imports of seafood, alcohol and diamonds from Russia. It'll also deny Russia the privilege of borrowing from multilateral financial institutions

He says Russia is already feeling the impact with its stock market being closed for the longest time in history. The Russian government’s credit rating has been downgraded to “junk” status, and there's a mass exodus from Russia by the private sector.

The president was asked if the U.S. will launch a military response if Russia launches a chemical attack. His response was, "Russia would pay a severe price if they use chemical weapons."