Biden: Russia’s economy is “staggering” after Western sanctions

The Russian economy is “shattered” as a result of the imposition of Western sanctions, US President Joe Biden said. Excerpts from his speech to Congress are posted on the White House website.

According to Biden, the Russian military operation in Ukraine was an attempt to “shake the foundations of the free world,” but Russian President Vladimir Putin “seriously miscalculated” and “met a wall of power that he could not even imagine.” Biden stressed that Putin faced resistance “both from Ukrainians and from the West.”

Now, he says, as a result of tough sanctions, “Russia’s economy is shaky, and only Putin is to blame.” According to the American leader, “the ruble has lost 30% of its value, the Russian stock market has lost 40%, and trading is suspended.”

“Now Putin is more isolated from the world than ever,” Biden said, adding that the West, by contrast, “remains united,” he said. In his opinion, the conflict in Ukraine “will weaken Russia, and the rest of the world will make it stronger.”

Recall, on February 24, Russian President Vladimir Putin made an emergency appeal to the Russians and announced a special military operation in the Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.” In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.

You can follow the chronicle of events in connection with the situation in Ukraine here.