Ukraine Crisis: US President Biden Bans Russian Planes From American Airspace

United States President Joe Biden has announced that the US is closing its airspace to Russian planes, asserting that this along with other punitive measures would weaken Russia's economy.

'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 said in his first State of the Union Address in US Congress on Tuesday (1 March).

He added that the Russian stock market has lost 40 per cent of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame, he said.

'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,” the US President told the lawmkaers.

'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.

Biden further added that 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 said.

"We are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever," the US President said.