×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Obama Says Western Sanctions Have Left Russia's Economy 'In Tatters'

U.S. President Barack Obama (L) meets with Russian President Vladimir Putin during the G8 Summit at Lough Erne in Enniskillen, Northern Ireland in this Jun. 17, 2013 file photo.

U.S. President Barack Obama in his State of the Union Address on Tuesday said Western sanctions had left Russia isolated and its economy "in tatters."

Speaking before the country's Congress in Washington, Obama hailed 2014 as a year in which the U.S. had defended "the principle that bigger nations can't bully the small," referring to Russia's role in the Ukraine crisis.

"Today, it is America that stands strong and united with our allies, while Russia is isolated, with its economy in tatters," Obama said, according to a transcript of the speech published by the White House.

The U.S. and its allies have imposed several rounds of sanctions against Russia in response to its annexation of the Black Sea Crimea peninsula and the country's support of pro-Kremlin separatists fighting in eastern Ukraine.

Low oil prices and Western sanctions have put Russia's economy on course for an economic recession this year, with Finance Minister Anton Siluanov saying in December that the economy could shrink by 4 percent in 2015.

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more