President Biden unveiled new coordinated sanctions against Russia this afternoon that target Russia's financial institutions and elite families.

• "Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences," Biden said.

The big picture: The European Union, Australia, Japan, Canada, New Zealand and the United Kingdom are joining the U.S. with similar actions as a "force multiplier," according to the White House.

• Russia's largest financial institution will be cut off from the U.S. financial system, reports Axios' Zachary Basu and Oriana Gonzalez.
• "Full-blocking" sanctions will be imposed on four additional Russian banks.
• New debt restrictions will be imposed on 13 Russian state-owned enterprises and entities that together hold nearly $1.4 trillion in assets.
• The U.S. will impose sweeping export controls on technologies critical to the Russian defense sector and broader economy.
• Seven Russian elites and their family members who hold some of the highest positions of power in the country will also be sanctioned.

The bottom line: Biden said there is "a complete rupture right now in U.S. and Russia relations" and that sanctioning Russian President Vladimir Putin himself remains on the table.

Ukraine's ambassador to the U.S. told reporters today that fighting is ongoing near the capital city of Kyiv, but the city is currently "secure."

The big picture: The UN refugee agency urged countries that neighbor Ukraine to "keep borders open" and provide "safety and protection" to Ukrainians fleeing Russia's attacks.

Russian police detained more than 650 people participating in protests today against Moscow's invasion of Ukraine, Axios' Jacob Knutson reports.

• The demonstrations are the largest organized protests against the Russian government since the Kremlin arrested Russian opposition leader Alexei Navalny last year.

Go deeper: Photos from protests around the world.

The New York City Marathon will return to full capacity, with an estimated 50,000 runners on Nov. 6, Reuters reports.

• The race, one of the most prestigious events on the global running calendar, was canceled in 2020 because of COVID.
• It returned last year with a reduced field of 30,000 runners.

Runners must be vaccinated. On-course entertainment will be back.

• "Last year's marathon served as an uplifting and unifying moment for New York City's recovery as well as a symbol of renewed hope, inspiration, and perseverance," race director Ted Metellus said.

The 26.2-mile run through the city's five boroughs draws hundreds of thousands of people along the course in a citywide celebration.

• Read the release.