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WASHINGTON (AP) — U.S. President Joe Biden hit Russia with some of the broadest and toughest financial penalties that the world’s biggest economy can muster on Thursday, hours after President Vladimir Putin launched his military’s invasion of Ukraine.

The U.S. sanctions and penalties announced so far appear to spare Putin himself from sanctions. They also forgo an option long-cited as one of the toughest possible, by holding off from banning Russia from the SWIFT financial system that moves money around the world. Biden cited concerns by European allies.