Russia now global economic pariah, ruble worth less than a penny: US

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Russia now global economic pariah, ruble worth less than a penny: US

The US has claimed that Russia has become a global economic untouchable after attacking Ukraine.


Russia has become a global economic pariah after invading Ukraine and the international community has joined the US in imposing tough sanctions against Moscow, the Biden administration has claimed.

US President Joe Biden called the package of economic sanctions against Russia “the most significant in history” and claimed it had resulted in damage to the Russian economy.

“It has crippled the Russian economy,” he told reporters at the White House after announcing an immediate ban on Russian oil imports. The ruble is now down 50 percent since Putin’s declaration of war and is worth less than a US penny. ” gas.

“We have cut Russia’s biggest banks from the international financial system and it has crippled their ability to do business with the rest of the world,” Joe Biden said.

US President Joe Biden on Tuesday announced a ban on Russian oil and gas imports “targeting the main artery of Russia’s economy” in response to the invasion of Ukraine.

The Washington Post reported that Europe, which is far more dependent on Russian energy than the United States, on Tuesday announced plans to cut gas imports from Russia by two-thirds.

The latest move is likely to escalate tensions between the two countries and incur a greater economic cost to invade Ukraine.

A senior Biden administration official later said: “As a result of our historic coordination, Russia has become a global economic and financial pariah.

“More than 30 counties, representing more than half of the world’s economy, have announced sanctions that impose immediate and debilitating economic costs on Russia, cutting off its access to high technology, its growth potential.” and weaken its army for years to come.”

By isolating Russia’s central bank from the global financial system, the US has disarmed Putin’s war chest of foreign reserves and can do little to slow the release of its currency, the official claimed. claimed.

“By blocking transactions and freezing the assets of his biggest banks, we have shut down Putin’s ability to do business with the world.” President Biden told reporters that the US was blocking Russia’s access to technology, like semiconductors, which are its economic strength and undermine its military for years to come.

Major companies are exiting Russia altogether without asking. Over the weekend, Visa, MasterCard and American Express suspended their services in Russia, adding to a growing list of American and global companies from Ford to Nike to Apple. joined,” he said.

“The US Stock Exchange has halted trading and many Russian securities. The private sector stands united against the vicious circle of Russia’s choice. The US Department of Justice has formed a dedicated task force to investigate the crimes of Russian oligarchs.”

Joe Biden said, “We are joining our European allies to find and confiscate their yachts, luxury apartments, private jets and all their wrongful gains to ensure that they share the pain of Putin’s war.” We do.”

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