President Joe Biden is following through on his promises of more severe sanctions against Russia for what he called “the beginning of a Russian invasion of Ukraine.”

Biden said he would impose “full blocking” on two large Russian financial institutions and “comprehensive sanctions” on Russian debt.

“Starting tomorrow and continuing in the days ahead, we'll also impose sanctions on Russia's elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well. And because of Russia's actions, we've worked with Germany to ensure Nord Stream 2 will not, as I promised will not move forward,” the president said.

But those actions could mean higher prices for fuel and food in New Jersey. This is mostly because the situation in Europe would make existing issues with international shipping and supply chain shortages even worse.

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"We are also very globalized - so it will affect food prices in other countries that is importing that food. Combine that with supply line issues and combine it with the fact that oil and natural gas - the prices will just keep going up. That will affect processing and industry,” says Dr. Wojtek Wolfe, International Relations professor at Rutgers University.

Wolfe says the sanctions will affect people in Europe more than in the United States, especially since the U.S. doesn’t import much from Russia directly. But he says that due to the globalized nature of the economic system, it will be hard to avoid any kind of financial effects from an invasion and sanctions.

Wolfe says that he fears that those who will suffer the most are Russia’s citizens.