A year of sanctions will be worth 15 years of development.
US President Joe Biden said that sanctions would have a very strong impact on Russia. So, in one year, the Russian Federation will lose all the economic achievements that it has achieved over the past 15 years, reports the Chronicle.info with reference to RBC-Ukraine.
Biden said this during a briefing.
p>
«The steps we have already taken are projected to lead to a double-digit decline in Russia's gross domestic product this year alone. In just one year, our sanctions will likely wipe out Russia's economic gains over the past 15 years… We will stifle Russia's ability and its economy to grow for years to come»,— Biden said.
He also stressed that this would be facilitated by sanctions that have cut Russia off from importing technologies such as semiconductors, encryption security and important components of quantum technologies.
« ;Responsible countries must unite to bring these criminals to justice. And together with our allies and partners, we will continue to add to the economic costs and pain for Putin, and further deepen Russia's economic isolation»,— added the President of the United States.
According to Biden, full blocking sanctions will be imposed on Sberbank and Alfa-Bank. All accounts and funds held by these banks in the United States will be blocked.
The President is also about to sign an executive order banning any new US investment in Russia. We are talking about more than 600 private sector companies.