Joseph Biden actually said...
Each of our nation is going to take steps to deny most favored nation status to Russia. The G7 will seek to deny Russia the ability to borrow from leading multilateral institutions, such as the International Monetary Fund and the World Bank. Putin is an aggressor. He is the aggressor, and Putin must pay the price.
Context
President Biden announces new economic penalties on Russia and emphasizes the need for consequences for Putin's aggression.
03/10/2022