President Biden is in Europe to continue our historic coordination with allies and partners on all aspects of our response to Russia’s war against Ukraine, including imposing further severe costs on those enabling President Putin’s war of choice. Today, the United States is sanctioning over 400 individuals and entities comprised of Russian elites, the Duma and more than 300 of its members, and defense companies, aligning and strengthening our sanctions in close coordination and partnership with the EU and G7.
Our sanctions on Russia are unprecedented — in no other circumstance have we moved so swiftly and in such a coordinated fashion to impose devastating costs on any other country. The ruble has depreciated substantially, and is expected by markets to weaken further. The Moscow Stock Exchange closed for weeks. The Central Bank of the Russian Federation has doubled interest rates to 20 percent and companies are being forced to turn over foreign exchange for rubles to provide the Russian Government hard currency. The economy is forecast to contract as much as 15 percent or more in 2022. This economic collapse of Russia’s GDP will wipe out the past 15 years of economic gains in Russia, according to the Institute for International Finance. Inflation in Russia is already spiking, with analysts projecting it to rise up to 15 percent on a year-over-year basis, and the Russian Government has been downgraded to “junk” status by major credit rating agencies. More than 400 multinational companies have left Russia in a mass exodus by the private sector.
The White House
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