Ruble prices fall,Russian stock market fluctuates;Biden warns of Russia's unprecedented economic woe
The 27 countries with United States and the European union have come together. Strict economic sanctions have been imposed on Russia. All assets of Russian billionaires in the US and Europe will be confiscated. Russia's ruble has depreciated by 30 per cent due to the sanctions. The capital market has fallen by almost 40 per cent.
Russia may be right on the battlefield in Ukraine, but it will have long-term consequences, warned US President Joe Biden. US troops will not take part in the war in Ukraine. However, the US military will be committed to defending NATO countries in Europe. "We will protect every inch of NATO territory," Biden said. In his address to the US House of Representatives, Joe Biden stated that he is committed to supporting Ukraine. Biden also warned that Russia would face an "unprecedented financial crisis" in the near future
Biden praised Ukraine's military. Ukrainian forces are fighting valiantly. Vladimir Putin thought he could easily crush Ukraine. But in Ukraine they suffered an unexpected setback. Putin launched a pre-planned and unprovoked attack on Ukraine. When dictators do not pay the price for their actions, they wreak more havoc. So the United States and the European Union will come together and respond to Russia. The fight will continue for some time to come, Biden said.