Americans may soon feel the effect of U.S. sanctions on Russia at the gas pump

President Biden said Tuesday that Russia's decision to deploy troops in eastern Ukraine marks "the beginning of a Russian invasion." In response, the U.S. — and its allies — are targeting Russia's financial system as part of a first wave of sanctions.

Hours after the president's remarks, U.S. Secretary of State Antony Blinken canceled a meeting with his Russian counterpart, Foreign Minister Sergey Lavrov, that was supposed to take place later this week. And preliminary plans for a summit between Biden and Russian President Vladimir Putin are off now.

"We will not...