President Biden mentioned he anticipated the Russian inventory market to explode the second it reopens in response to crippling sanctions which have been imposed on the nation in response to its invasion of Ukraine.
“You know what the value of a ruble versus a dollar? You need 200 rubles to equal $1 today. 200,” Biden boasted to a convention of Home Democrats in Philadelphia on Friday. “The totality of our economic sanctions and controls are crushing, crushing the Russian economy,”
“[The] Moscow stock exchange is closed for a simple reason. Why is it closed? Because for the last two weeks because the moment it opens, it will be disbanded. Hear me? It will blow up. Credit rating agencies have downgraded Russia’s government to junk status. Junk status,” he added.
In his remarks the president additionally defended his place to not open a no-fly zone over Ukrainian airspace, warning that such a transfer “would be World War III.”