President says US closes airspace for all Russian planes

MOSCOW/WASHINGTON, Mar 2 (PRIME) -- The U.S. will close its airspace for all Russian planes, President Joe Biden told Congress late on Tuesday.

“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,” he said.

“The ruble has lost 30% of its value. The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame,” he added.

Biden said that the U.S. and its allies want to release 60 million barrels of oil from reserves to counter inflation of energy prices.

“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. America will lead that effort, releasing 30 million barrels from our own Strategic Petroleum Reserve. And we stand ready to do more if necessary, unified with our allies,” he said.

The U.S. will create a group to investigate into the activity of Russian tycoons, Biden said.

“I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime no more. 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 your yachts your luxury apartments your private jets. We are coming for your ill-begotten gains,” he said.

Biden also promised to protect U.S. businesses from the consequences of sanctions against Russia and said that the U.S. is offering Ukraine U.S. $1 billion of aid and is ready to continue its assistance.

The U.S. Transport Ministry said that the U.S. will also close its airspace for charter flights of all Russia-linked aircraft.

Bloomberg reported citing sources that the E.U. ambassadors have agreed to unlink seven Russian banks from the international interbank settlement system SWIFT.

“European Union ambassadors agreed to exclude seven Russian banks from the SWIFT financial-messaging system but spared the nation’s biggest lender Sberbank and a bank part-owned by Russian gas giant Gazprom… (the measures) are expected to be adopted overnight,” the agency said.

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