Addressing a joint session of Congress in his first State of the Union speech, Biden described the closure of US airspace as just the latest in a series of measures intended to tighten the screws on the Kremlin.
"We are inflicting pain on Russia and supporting the people of Ukraine. (Russian President Vladimir) Putin is now isolated from the world more than ever," he said.
"Together with our allies, we are right now enforcing powerful economic sanctions. We are cutting off Russia’s largest banks from the international financial system, preventing Russia’s central bank from defending the Russian ruble, making Putin’s $630 billion 'war fund' worthless," he added.
In addition to successive waves of sanctions that have sent the Russian economy into free fall, the US and its allies have imposed export restrictions on key technologies that Biden said will eat at Russia’s economic viability and “weaken its military for years to come.”
Biden said Putin "rejected" diplomatic efforts to avert its war and "badly miscalculated" the unified Western response.
"He thought the West and NATO wouldn’t respond. And, he thought he could divide us here at home," said Biden. "Putin was wrong. We were ready."
The Department of Justice is further forming a task force that will go after the assets of Russian oligarchs, many of whom are Putin's close allies.
Biden addressed them directly, saying the US and its allies will “find and seize your yachts, your luxury apartments, your private jets.”
“We are coming for your ill-begotten gains,” he said.
Russia began its offensive on Ukraine on Feb. 24. It has resulted in at least 136 civilians being killed, including 13 children, according to UN estimates. About 400 others have been injured, including 26 children.
The nationwide assault has led to nearly 680,000 people fleeing Ukraine for neighboring countries, according to the international body.
Russia intensified its aerial and artillery bombardment this week, particularly on the capital, Kyiv, and Ukraine’s second-largest city Kharkiv, where a massive explosion rocked Freedom Square. Kharkiv, near the Russian border, is home to some 1.5 million people, while the population of Kyiv is nearly 3 million.
In an apparent gaffe, Biden said that despite Russian efforts to encircle and cut off Kyiv with tanks, Putin will "never gain the hearts and souls of the Iranian people.” He was referring to the Ukrainian people.
"He will never extinguish their love of freedom, and he will never, never weaken the resolve of the free world," he said.
Turning to the US economy, Biden vowed to rein in inflation as it sits at roughly 7.5%, an economic hardship the US president said is "robbing" American families of "the gains they might otherwise feel."
"Too many families are struggling to keep up with the bills," he said. "I get it. That’s why my top priority is getting prices under control."