WATCH: Biden says he’s in close contact with Ukraine President Zelensky

Speaking to the House Democratic Caucus Issues Conference meeting in Philadelphia, U.S. President Joe Biden said Friday he had been on the phone with Volodymyr Zelensky for the better part of an hour earlier in the day, adding that he speaks to the Ukrainian leader almost daily.

Watch Biden’s remarks in the player above.

Biden was illustrating the close contacts he has had with the Ukrainian President while speaking to House Democrats.

With the invasion in its 16th day, Biden admitted he had frustrated House Speaker Nancy Pelosi with the slower speed of his actions supporting Ukraine. But Biden said what was far more important than moving to support Ukraine was “making sure all of NATO is together,” in confronting Russia.

Earlier Friday in Washington, Biden announced the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion and also ban imports of Russian seafood, alcohol and diamonds. The move to revoke to revoke “most favored nation” status for Russia was taken in coordination with the European Union and Group of Seven countries.

Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports. Other Western sanctions have already dealt a severe blow to Russia, causing the ruble to plunge, foreign businesses to flee and prices to rise sharply. Putin has insisted Russia can endure sanctions.

Biden said the sanctions imposed by the West were already having an impact. He said the shuttered Russian stock exchange would “blow up,” if it ever opened.

He also cautioned the House members that while the United States had a “sacred obligation,” to protect NATO members, that did not extend to Ukraine. “The idea that we’re going to send in offensive equipment and have planes and tanks and trains going in with American pilots and American crews just understand, don’t kid yourself,” he said. “No matter what you all say, that’s called World War Three.”