Russia now international financial pariah, claims Biden administration

Russia has develop into a worldwide financial pariah after it attacked Ukraine and the worldwide group has joined the US in imposing powerful sanctions towards Moscow, the Joe Biden administration has claimed.

US President Biden termed the bundle of financial sanctions enforced towards Russia “most significant in history” and claimed that it has induced consequential harm to the Russian economic system.

“It has caused the Russian economy to crater. The Ruble is now down 50 per cent and worth less than one American penny since Putin announced his war,” he instructed reporters on the White House after asserting a direct ban on import of Russian oil and fuel.

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

President Joe Biden on Tuesday introduced the US would ban the import of Russian oil and fuel, “targeting the main artery of Russia’s economy” in response to its invasion of Ukraine.

Europe, which is way extra depending on Russian vitality than the United States, introduced Tuesday a plan to chop fuel imports from Russia by two-thirds this yr, The Washington Post reported.

The newest transfer is prone to escalate additional rigidity between the 2 international locations and would impose a better financial price to invading Ukraine.

A senior official within the Biden administration later mentioned, “As a results of our historic coordination, Russia has develop into a worldwide financial and monetary pariah.

“Over 30 counties, representing well over half the world’s economy, have announced sanctions that impose immediate and debilitating economic costs on Russia, cut off its access to high tech, sap its growth potential and weaken its military for years to come.”

By isolating Russia’s Central Bank from the worldwide monetary system, the US has disarmed Putin’s struggle chest of international reserves and he can do little or no to gradual the freefall of his foreign money, the official claimed.

“By blocking transactions and freezing the assets of his largest banks, we’ve shut down Putin’s ability to do business with the world.”

Biden instructed reporters that the US is choking off Russia’s entry to expertise, like semiconductors, which might be its financial energy and weaken its navy for years to return.

“Major companies are pulling out of Russia entirely without even being asked. Over the weekend, Visa, MasterCard and American Express suspended their services in Russia, joining a growing list of American and global companies from Ford to Nike to Apple,” he mentioned.

“The US Stock Exchange has halted trading and many Russian securities. The private sector is united against Russia’s vicious war of choice. The US Department of Justice has assembled a dedicated task force to go after crimes of Russian oligarchs.”

“We are joining our European allies to find and seize their yachts, luxury apartments, private jets and all their ill-begotten gains to make sure they share the pain of Putin’s war,” Biden mentioned.