Ukraine War: Almost a year of Russia’s ongoing attacks on Ukraine, US President Joe Biden was seen giving a message in favor of Ukraine and against Russia from Poland’s ‘Royal Castle’.
Now the question, however, is whether the economic sanctions imposed on Russia by the US and its allies have been able to give a major blow to Moscow.
According to US officials, Russia is now the most sanctioned country in the world. The Russian currency may have been temporarily destabilized due to ruble sanctions, but not in the way that the US and its allies said.
These countries expected that the Russian currency would collapse completely due to the sanctions. It’s been almost a year since the Ukraine War and the sanctions haven’t had much effect on Russia.
The ruble was 75-per-dollar in the weeks before the war, and it remains roughly so now. However, Russia is using capital controls to keep the exchange rate stable. Even though the growth rate of Russia’s economy will shrink by 2.2 percent in 2022, it is not quite in line with the forecast of Biden administration officials that the sanctions will cause a loss of 15 percent to the Russian economy.
Biden, who arrived in Poland, said that no matter what happens, America and its allies “will not back down” from helping the Ukrainians.
A day after making a surprise visit to Ukraine, Biden praised his allies in Europe for their efforts over the past year during a speech in Poland and sent a strongly worded message to Russian President Vladimir Putin: “NATO (North Atlantic Treaty Organisation) will not split and we will not tire.
“A year ago, the world believed Kyiv would be defeated,” Biden remarked to a crowd of thousands outside Warsaw’s ‘Royal Castle.’ He said that Kyiv stands strong, proud, and, most importantly, free.
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