U.S. President Joe Biden announced on Tuesday night that Russian aircraft would be banned from flying in U.S. airspace, as part of the global response to the invasion of Ukraine.
In his 2022 State of the Union address, the U.S. president recalled other sanctions against Moscow by Washington and its allies, hinted that more could follow, and announced steps to cushion the domestic effect of the measures.
“Tonight, I am announcing that we will join our allies in closing off American air space to all Russian flights, further isolating Russia, and adding an additional squeeze on her economy,” Biden said. “He [Russian President Vladimir Putin] has no idea what’s coming.”
Biden noted that, due to sanctions already imposed by the U.S., EU, and other countries, such as Canada, Japan, Australia, New Zealand, “and even Switzerland,”, the ruble "has lost 30% of its value” while “the Russian stock market has lost 40% of its value and trading remains suspended.”
“We are inflicting pain on Russia and supporting the people of Ukraine,” he said. “We are cutting off Russia’s largest banks from the international financial system, preventing Russia’s central bank from defending the Russian ruble, making Putin’s $630 billion ‘war fund’ worthless,” and “choking off Russia’s access to technology,” which “will sap its economic strength and weaken its military for years to come.”
The U.S. president also had a message for Russia’s economic and political oligarchy. “Tonight, I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime. ‘No more’,” Biden stressed, adding that the U.S. Department of Justice “is assembling a dedicated task force to go after the crimes of Russian oligarchs.”
“We are joining with our European allies to find and seize their yachts, their luxury apartments, their private jets,” Biden said. “We are coming for your ill-begotten gains.”
Lauding the resistance put up by Ukrainians, he said the United States was “giving more than US$1 billion in direct assistance to Ukraine” and “will continue to aid the Ukrainian people as they defend their country and to help ease their suffering.”
However, he made clear that US troops would not be deployed in the Central European country. “Our forces are not engaged and will not engage in conflict with Russian forces in Ukraine,” he said. “Our forces are not going to Europe to fight in Ukraine, but to defend our NATO Allies – in the event that Putin decides to keep moving west.”
Biden also said Washington would strive to protect U.S. businesses and consumers from the effects of the conflict and sanctions. “Tonight, I can announce that the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world,” he said. “America will lead that effort, releasing 30 million barrels from our own Strategic Petroleum Reserve. And we stand ready to do more, if necessary.”
“These steps will help blunt gas prices here at home,” he stressed.
