President Joe Biden has announced that the United States is closing its airspace to Russian aircraft, saying it would undermine Russia, along with other punitive measures.
“Tonight, I am declaring that we will join our allies in closing US airspace to all Russian flights to “further isolate Russia” and put an added strain on their economy. The ruble has lost 30 percent of its value,” Biden told lawmakers in his first State of the Union address on Tuesday.
He said the Russian stock market has lost 40 percent of its value and trading is suspended. He said that Russia’s economy is collapsing and President Vladimir Putin alone is responsible for it.
“Together with our allies we are now implementing powerful economic sanctions. We are cutting off Russia’s biggest banks from the international financial system.
Stopping Russia’s central bank from protecting the Russian ruble is making Putin’s $630 billion “war fund” worthless,” he said.
“We are blocking Russia’s access to technology that will destroy its economic power and undermine its military for years to come. Tonight I call on the Russian oligarchs and corrupt leaders who have fought this violent regime. billions of dollars,” she said.
The US Department of Justice is setting up a dedicated task force to take action against crimes committed by Russian oligarchs.
“We are joining hands with our European partners to find and seize your yacht, your luxury apartment and your private jet. We are coming to your wrongful advantage,” he said.
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