According to the Joe Biden administration, Russia has become a global economic pariah as a result of its invasion of Ukraine, and the international community has joined the US in implementing strong sanctions against Moscow.
US Vice President Joe Biden described the economic sanctions imposed on Russia as the “most significant in history,” claiming that they had harmed the Russian economy.
“The Russian economy has suffered as a result. Since Putin declared war, the ruble has lost 50% of its value and is now worth less than a penny in the United States “After announcing an immediate ban on Russian oil and gas imports, he told reporters at the White House.
“We cut Russia’s main banks off from the international financial system, crippling their capacity to conduct business with the rest of the world,” stated Joe Biden.
In response to Russia’s invasion of Ukraine, US President Joe Biden declared on Tuesday that the US would restrict the import of Russian oil and gas, “hitting the main artery of Russia’s economy.”
According to The Washington Post, Europe, which is far more reliant on Russian energy than the United States, revealed on Tuesday a plan to reduce gas imports from Russia by two-thirds this year.
The latest step is likely to heighten tensions between the two countries and increase the cost of invading Ukraine economically.
“As a result of our historic coordination,” a senior Biden administration official subsequently observed, “Russia has become a global economic and financial pariah.”
“Sanctions have been issued by over 30 countries, representing well over half of the world’s economy, that will inflict immediate and crippling economic consequences on Russia, cut off its access to high-tech, sap its development potential, and cripple its military for years.”
The US has disarmed Putin’s war chest of foreign reserves by separating Russia’s Central Bank from the global financial system, and he can do very little to arrest the freefall of his currency, according to the official.
“We’ve effectively shut down Putin’s ability to do business with the rest of the world by blocking transactions and freezing the assets of his largest banks.” President Biden told reporters that the US is restricting Russia’s access to technology, such as semiconductors, which are critical to its economic success but will impair its military for years.
“Major corporations are abandoning Russia totally without being asked. Visa, MasterCard, and American Express all halted operations in Russia over the weekend, joining a growing list of American and international corporations, including Ford, Nike, and Apple “he stated
“Trading in numerous Russian assets has been halted on the New York Stock Exchange. The private sector has banded together to oppose Russia’s nasty choice war. The US Department of Justice has formed a task group to investigate Russian oligarchs’ crimes.”
“We’re teaming up with our European partners to track down and take their yachts, luxury homes, private aircraft, and other ill-gotten wealth so they can feel the agony of Putin’s war,” Joe Biden stated.