President Biden began his first speech to the nation by giving his full support to Ukraine.

- Six days ago, Russia's Vladimir Putin tried to shake the foundations of the free world.

He thought it would make it (the western world) bow to his threat.

But he was wrong.

He thought he could roll into Ukraine and the world would accept.

Instead, he encountered a wall of strength he never foresaw - he met the Ukrainian people, Biden said.

- We stand with the Ukrainian people, Biden repeats several times in his speech, but also praises the united forces in the world that are trying to stop Russia's invasion.

- Putin was wrong - we were ready.

We are united and we remain united.

The ruble has lost 30 percent

Biden also announces that the United States is closing the airspace for Russian aircraft to isolate Russia and put further pressure on their economy.

"He has no idea what's coming," Biden said, referring to President Putin.

- The ruble has lost 30 percent of its value.

The Russian stock market has lost 40 percent of its value and trading is still closed.

Putin is solely responsible for the situation, he said, noting that Putin will have to pay a continued high price for the invasion of Ukraine.

SVT's correspondent about the speech

The economic pressure on Russian oligarchs will also increase.

The US Department of Justice has begun an investigation into Russian oligarchs.

"Tonight I say to the Russian oligarchs and corrupt leaders who have wasted billions of dollars from this violent regime: No more," he said, receiving standing ovations from both Democrats and Republicans.

Biden announced that the United States would join the Allies in finding and seizing the oligarchs' yachts, luxury apartments, and private jets.

Biden believes that Putin has strongly misjudged the will of the Ukrainian people to fight for their freedom and also misjudged the unity that exists in Europe and among the United States' allies.

There, Biden took great pride in the way the outside world has organized itself, given the sanctions, says SVT's US correspondent Stefan Åsberg.