He pointed out that due to the restrictions imposed by Western countries, the Russian stock market collapsed by 40%, the ruble lost 30%, which means that the Russian economy is “reeling”.
Biden said the West is "cutting off Russia's access to technology," which will deprive their economy of strength and weaken the military.
"Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime no more. The U.S. Department of Justice is assembling a dedicated task force to go after the crimes of Russian oligarchs. We are joining with our European allies to find and seize your yachts your luxury apartments your private jets. We are coming for your ill-begotten gains. And tonight I am announcing that we will join our allies in closing off American air space to all Russian flights – further isolating Russia – and adding an additional squeeze –on their economy. The Ruble has lost 30% of its value. The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame".
TASS quotes the words of the American leader.
Biden also announced that the United States would close airspace to Russian aircrafts. The ban will apply to all aircrafts registered in Russia, including charter ones.
It's worth reminding that after the start of a military special operation by Moscow in Ukraine on February 24, Western countries imposed tough sanctions against Russia. Every day, restrictions are intensifying, which is detrimental to the Russian economy. A number of major manufacturers have closed their factories in Russia. This was done, for example, by BMW and Ford. A number of Russian banks will be cut off from the international SWIFT system. Already, the cards of banks that have fallen under the sanctions do not work abroad.