Washington, March 2: President Joe Biden has announced that the United States is closing its airspace to Russian planes, asserting that this along with other punitive measures would weaken Russia.

"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 their economy. The Ruble has lost 30 per cent of its value,” Biden told lawmakers in his maiden State of the Union Address on Tuesday.

He said the Russian stock market has lost 40 per cent of its value and trading remains suspended. Russia's economy is reeling and President Vladimir Putin alone is to blame, he said. Russia-Ukraine War: US Expels Russian National Working for UN Secretariat.

"Together with our allies we are right now enforcing powerful economic sanctions. 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,” he said.

"We are choking off Russia's access to technology that will sap its economic strength and weaken its military for years to come. Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime no more,” he said. Vladimir Putin Was Wrong, US is Ready, Says Joe Biden in First State of the Union Address.

The US 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 your yachts, your luxury apartments and your private jets. We are coming for your ill-begotten gains,” he added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)