Struggling Russian Economy: Putin-Biden “War Of Words”

In a meeting with ABC News on Wednesday, President Biden affirmed with show host George Stephanopoulos that Russian President Vladimir Putin was a killer. He was talking following the publication of a report by the Director of National Intelligence blaming Russia’s intelligence services for mediating in the 2020 US official political elections to make divisions and guarantee President Trump’s re-appointment. Biden has made it clear that Putin will have to pay a cost.

Struggling Russian Economy: Putin-Biden "War Of Words"

In an extraordinary display of diplomatic angst, Russia summoned its ambassador from Washington for consultations. On Russian television on Thursday, Putin responded with a verbal spat, alleging that Biden was portraying himself, and adding, “we see others how we are.”

Putin quickly utilized Biden’s remark for his political gain. Suspending a celebration of Russia’s 7th anniversary of the incorporation of Crimea, he launched into a well-rehearsed speech on US leaders’ historic violence, ranging from Native American assassinations to Hiroshima and Nagasaki, to Black Lives Matter. Nonetheless, he stressed, African Americans face oppression and assassination.

The aftermath of “verbal war”

Russia’s Sovereign bond values fell after this verbal war. Biden has already taken steps against Russia, in contrast to former President Donald Trump’s warmer¬†approach. On March 2, the United States sanctioned senior Russian officials for attempting to kill opposition leader Alexei Navalny with a nerve agent.

Struggling Russian Economy: Putin-Biden "War Of Words"

Struggling Russian Economy

Since annexing Crimea, Russia has been subjected to international sanctions. These sanctions have totally isolated Russia from the rest of the world, increasing Russia’s dependence on China.

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CAATSA (Countering America’s Adversaries By Sanctions Act) applies to all countries that attempt to obtain military equipment from the Russian government.

Last year, Russia’s GDP shrank by 3.1 percent. It could have been extremely worse if not managed by¬†professional macroeconomic with a stable exchange rate and inflation targeting, which kept the downturn mild and inflation low at the expense of decreased social spending and insufficient healthcare funding.

Biden is supposed to be more hostile toward Russia while staying friendly toward China. In a recent interview, when asked about China’s violence towards Uighur Muslims, Biden replied, “We cannot call it genocide; we may be misinterpreting Xi Jinping’s policies.”

According to reports, both countries will meet if the China-US high-level dialogue, which is currently taking place in Alaska, goes well.

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