Sanctions will make Russia’s economy go back 15 years and paralyze

WASHINGTON – United States (US) President Joe Biden boasted on Wednesday (6/4/2022) that American sanctions against Russia will cancel the country’s economic gains over the past 15 years and “cripple” the Russian economy for years to come.

While previously acknowledging sanctions did little to deter Russian President Vladimir Putin, Biden nevertheless launched a new round of economic penalties on Tuesday.

“In just one year, our sanctions will likely wipe out Russia’s economic gains over the past 15 years,” Biden told a trade union conference in Washington.

Also read: Ukraine Will Be Like Israel, Don’t Want Liberals Like Europe

“Because we have stopped Russia from importing technology … we will be hampering Russia’s ability for its economy to grow for years to come,” he said.

Read also: European Union Explains Why They Continue to Arm Ukraine

The White House on Wednesday unveiled further sanctions against Russia, which will be implemented in line with G7 allies and the European Union (EU).

Also read: Putin Gives Strong Warning to the West About Nationalization of Assets

These measures include block sanctions against more Russian banks, a ban on new US investments in Russia, block sanctions against “Russian elites and their family members,” and sanctions against Russian state-owned companies, with a list of these companies to be disclosed by the Treasury. on Thursday.

–