President Biden has said he expects Russia’s stock market to explode the second it reopens in response to the crippling sanctions that were imposed on the country in response to its invasion of Ukraine.
“Do you know what the value of a ruble is compared to a dollar? You need 200 rubles to equal $1 today. 200,” Biden boasted at a House Democrats conference in Philadelphia on Friday. “All of our sanctions and economic controls are crushing, crushing the Russian economy,”
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“[The] The Moscow Stock Exchange is closed for a simple reason. Why is it closed? Because for the last two weeks because as soon as it opens it will be dissolved. Hear me? It will explode. Credit rating agencies downgraded the Russian government to junk status. Unwanted status,” he added.
In his remarks, the president also defended his position of not opening a no-fly zone over Ukrainian airspace, warning that such a move “would be World War III”.