Watch: President Biden to address Russia's attacks on Ukraine

President Joe Biden will address the nation Thursday to outline how the United States and its allies will respond to Russia's overnight invasion of Ukraine.

Russian ground and air forces commenced a broad attack early Thursday morning, targeting locations from multiple fronts in an attempts to advance to the Ukrainian capital of Kyiv and take control of the entire country.

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Nearly 40 people have already been killed and dozens more injured, the Associated Press reported. The broad-scale attacks have led many residents and foreigners to flee the country as Russian troops advance further. The invasion also sent global markets plunging and oil prices skyrocketing.

In a statement, Biden called the attack "unprovoked and unjustified" and vowed that the U.S. and its allies "will respond in a united and decisive way."

"President [Vladimir] Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering," Biden said. "Russia alone is responsible for the death and destruction this attack will bring."

Russia described its actions as "a special operation" in its national interests to demilitarize Ukraine. Putin also warned of severe consequences for countries that seek to interfere.

Biden met Thursday morning with his National Security Council and virtually with leaders from the Group of 7 countries to discuss how to best respond to Russia's incursion.

Biden is expected to unveil additional punishments for what he called a "needless act of aggression against Ukraine and global peace and security."

The U.S., NATO and other western nations are said to be considering additional sanctions against Russian banks and new export controls to cut off Russia's military from accessing high-tech equipment, the Washington Post reported. 

The U.S. already has imposed financial penalties on two of Russia's largest banks, as well as oligarchs and their families who have close ties to the Kremlin. The sanctions cut off the banks from receiving loans from western nations.

Germany, with help from the U.S., has temporarily halted the massive Nord Stream 2 gas pipeline that connects Europe to Russia.

Biden's remarks are scheduled for 1:30 p.m. from the White House.

Live updates on Russia's invasion of Ukraine are available through the Washington Post, New York Times and CNN.