A Kremlin spokesman said on Wednesday that the Russian economy was suffering “serious blows” amid sanctions imposed by foreign governments as Moscow continued its attack on Ukraine.
“Russia’s economy is facing severe blows,” Kremlin spokesman Dmitry Peskov told foreign reporters, according to CNN.
“But there is a certain limit to security, there is potential, there are some plans, we are working,” he added.
Peskov’s speech came after a question from President Biden
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“Russia’s economy is shaking and only Putin is to blame,” Biden said in a speech.
The president also claims that the sanctions against Russia so far have contributed to a 30% loss in the value of the ruble and a 40% loss in the Russian stock market in less than a week.
Following Moscow’s invasion of Ukraine, Western countries imposed severe sanctions on the country.
On Tuesday, Biden announced that The United States will close American airspace for all Russian flights, following similar actions by the European Union and Canada.
Biden said the move would work to “further isolate Russia – and add pressure – to their economy”.
The United States has imposed other sanctions, including expulsion of some Russian banks on SWIFT, a large international banking system. The United States has also vowed to impose measures to prevent Russia’s central bank from undermining sanctions and strengthening the ruble by using its reserves.