The Russian economy has taken a hit due to the sanctions imposed by the West over its decision to send troops into Ukraine, CNN reported Kremlin spokesman Dmitry Peskov saying, when asked about US President Joe Biden’s remarks in his State of the Union (SOTU) speech. 

Speaking to foreign journalists, Peskov noted, “Russia’s economy is experiencing serious blows. But there is a certain margin of safety, there is potential, there are some plans, work is underway”, and concluded that the economy will remain on its feet. 

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Biden spoke to the political leaders in Washington, in his first-ever SOTU address, focusing on the unity against Russia, not just within the US, but also among the country and its allies. The president closed his speech with the confidence in Americans that led him to believe that democracy would prevail, even as the world watches Russian troops move through the sovereign country of Ukraine.  

In his speech, Biden said, “Now is the hour, our moment of responsibility. Our test of resolve and conscience, of history itself. It is in this moment that our character is formed. Our purpose is found. Our future is forged”, and continued, “Well, I know this nation. We will meet the test. To protect freedom and liberty, to expand fairness and opportunity. We will save democracy. As hard as these times have been, I am more optimistic about America today than I have been my whole life”. 

Also Read | Cultural backlash intensifies against Russia over Ukraine invasion

Notably, Biden’s decision to impose sanctions had been backed by Speaker of the House Nancy Pelosi, who’d earlier said “I think that we’re very blessed to have this president with his knowledge of foreign affairs, his understanding of the personalities that he has to deal with. And what the president said today is to ratchet it up and that’s what he’s doing and the package is very, very devastating to Russia”, as per Newsweek. 

Meanwhile, White House press secretary Jen Psaki has noted that the Biden-led administration plans to put the screws on Russian president Vladimir Putin further. As per CNN, she said there’s “more to come to continue to squeeze Putin”. When asked about banning Russia’s oil exports, Psaki noted that it is still an option that’s on the table.