During Tuesday night’s State of the Union address, President Biden boasted that Russia’s economy is now “reeling” after Western sanctions were implemented in response to Russian President Vladimir Putin’s assault on Ukraine.
The US and its allies have imposed a series of harsh sanctions that aim to isolate Russia from the global financial system and cut off some Russian banks from the SWIFT international payment system. “We are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever,” Biden said.
Since the sanctions were implemented, Russia’s stock market has taken a hit, and the Ruble has lost value against the dollar. “The Ruble has lost 30% of its value. The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame,” Biden said.
Biden announced new measures against Russia, including a Justice Department task force that will try to seize “yachts, luxury apartments, and private jets” that belong to “Russian oligarchs.”
Biden also announced that he is closing American air space to Russian flights. “And tonight I am announcing that we will join our allies in closing off American air space to all Russian flights — further isolating Russia — and adding an additional squeeze on their economy,” he said.
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