US President Joe Biden has commented on a new package of sanctions imposed against russia over its military invasion of Ukraine.
He is quoted by the Voice of America.
"In just one year, our sanctions will cancel everything that russian economy has managed to gain over the past 15 years. Because we have cut russia off from technologies such as imports of the latest semiconductors, quantum components, secure encryption for internet operations - everything they need to stay competitive in the 21st century.
We will block russia's ability to grow for many years to come," - Biden said.
Biden also announced the supply of new military equipment to Ukraine, including anti-tank equipment.
According to the edition, analysts predict that Western sanctions will result in a 15% reduction of russia's economy this year.
The US White House also mentioned that russia must choose between default and the use of foreign exchange reserves.
Earlier the Minister of Foreign Affairs of Ukraine Dmytro Kuleba told about details on new sanctions against the aggressor state.
According to Fitch, the war against Ukraine will reduce russian economy by 8% in 2022. In comparison, the 1998 default cost the country a 5.4% reduction in GDP. On March 9, Fitch downgraded russia's credit rating to pre-default. And according to analysts at the American financial corporation Morgan Stanley, russia risks losing its solvency in the coming months. Analysts predict "Venezuela-Style" default for russia in April.
Earlier, JPMorgan analysts warned that sanctions for a russian military invasion of Ukraine could lead to russia’s default.