US President Joe Biden has said that after the imposition of Western sanctions, Russia’s economy will decrease by half in the coming years. The US president listed the measures taken by the United States and its allies after Russia’s war against Ukraine. In particular, the blocking of the Russian central bank from the world financial system and from the “military fund that was hidden around the world.” Biden also mentioned the oil and gas embargo and sanctions against 140 oligarchs and their families who froze assets such as yachts, luxury apartments, and villas. The private sector, he continued, is also operating, with more than 400 companies shutting down business in Russia. Biden also mentioned that the Russian currency’s current value is one-third of what it was less than five weeks ago.
Russia’s economy will lose half of its GDP.
Russia’s economy will lose half of its GDP.