A spokesperson for the Kremlin said on Wednesday Russia’s economy is taking “serious blows” amid crippling sanctions for invading Ukraine.
“Russia’s economy is experiencing serious blows,” Kremlin spokesman Dmitry Peskov said, according to CNN. “But there is a certain margin of safety, there is potential, there are some plans, work is underway.”
Peskov was responding to a question about comments President Joe Biden made during his State of the Union address on Tuesday night.
“Russia’s economy is reeling and Putin alone is to blame,” Biden said in his speech.
Since Russia’s unprovoked invasion of Ukraine, Western countries have imposed strict sanctions, crippling the Russian economy. The sanctions have resulted in the ruble losing about 25 percent of its value and to the Russian stock market losing 40 percent value in less than a week. The Russian stock market was closed on Monday and hasn’t reopened since.
Moscow has responded with a series of emergency measures aimed at preventing financial meltdown, halting the flow of cash out of the country and preserving its foreign currency reserves. The central bank more than doubled interest rates to 20%, and banned Russian brokers from selling securities held by foreigners, CNN reports.
