Joe Biden has announced the first wave of sanctions against Russia in response to Moscow’s actions in Ukraine.

The US president said Russian troop deployments in eastern Ukraine marked the “beginning of an invasion”.

He warned Moscow that it would “pay an even steeper price if it continues its aggression”.

The sanctions target Russian banks and sovereign debt.

Mr Biden also said he had authorised the movement of additional forces and equipment to bolster Baltic states in response to Russia’s activity in eastern Ukraine.

“We will defend every inch of NATO territory,” he said.

In a fast-moving crisis, Russian legislators earlier gave President Vladimir Putin permission to use armed forces abroad.

Ukraine crisis: UK and NATO allies ‘stepping up preparations for worst case scenario’ over Ukraine, says Foreign Secretary Liz Truss

Ukraine crisis: Up to 50% of Russian troops near border are now in ‘attack positions,’ US official says

Ukraine: Joe Biden urges Putin to ‘step back from brink of war’ as he sends message of peace to Russians

Moscow recognised the independence of Russian-backed rebel regions in eastern Ukraine on Monday.

Ukraine key developments:

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