Russia has become a global economic pariah after it attacked Ukraine and the international community has joined the US in imposing tough sanctions against Moscow, the Joe Biden administration has claimed. US President Biden termed the package of economic sanctions enforced against Russia “most significant in history” and claimed that it has caused consequential damage to the Russian economy. “It has caused the Russian economy to crater. The Ruble is now down 50 per cent and worth less than one American penny since Putin announced his war,” he told reporters at the White House after announcing an immediate ban on import of Russian oil and gas.
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