"As a result of these unprecedented sanctions the ruble was almost immediately reduced to rubble. The Russian economy — it’s true by the way it takes about 200 rubles equal one dollar — is on track to be cut in half in the coming years," Biden said.
The Russian central bank’s official exchange rate for Saturday stood at only 95.7 rubles for a US dollar but some experts says that the US currency has been trading at twice that value on the black market.