Here's the important part of the full statement:
We have anticipated a move like this from Russia and are ready to respond immediately. President Biden will soon issue an Executive Order that will prohibit new investment, trade, and financing by U.S. persons to, from, or in the so-called DNR and LNR regions of Ukraine. This E.O. will also provide authority to impose sanctions on any person determined to operate in those areas of Ukraine. The Departments of State and Treasury will have additional details shortly. We will also soon announce additional measures related to today’s blatant violation of Russia’s international commitments.
To be clear: these measures are separate from and would be in addition to the swift and severe economic measures we have been preparing in coordination with Allies and partners should Russia further invade Ukraine.
We are continuing to closely consult with Allies and partners, including Ukraine, on next steps and on Russia’s ongoing escalation along the border with Ukraine.
In my view, the next step depends on Ukraine but it's clear there's a line being drawn here. I think all the west is prepared to let Donetsk and Luhansk go and if that's the end of it then plenty of risk aversion will unwind.
The other question is whether Ukraine has the appetite to launch a show of force but I just can't see why they would do that.
